Soy Complex Stronger at Midday
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Midday beans are trading with gains of 6 to 7 3/4 cents for old crop and 12 3/4 to 14 1/4 cents for new crop. Cash soybean prices from cmdtyView show WCB beans are $15.42/bu and ECB beans are $15.61/bu for spot delivery. The national average harvest basis is 86 1/2 cents under September futures. The new crop soy/corn ratio has worked lower since the March intentions report, at on the 2.327 board and 2.286 in the cash market.

CME Synthetic Soy Crush  continues lower in the May contracts, but was up slightly for July contracts to 88.75 cents/bu. Looking ahead to new crop, the synthetic crush spread is $1.30/bu for September futures and $1.22 in the Dec spread.

Soymeal futures are trading $3.50 to $4.40/ton higher so far. Midday BO futures are mixed with May down 95 points and August 10 points higher.

Malaysian Palm Prices were up again yesterday to new LOC highs of 4,594 ringgits. Canadian Canola Prices pulled back some after setting fresh highs of $932.8 CAD/MT, but were still higher on the day.  European Rapeseed Futures also set new LOC highs on the day to 521.75 euros/MT.  Chinese futures trading resumes on Thursday.

Ahead of USDA’s weekly Export Sales data release, traders are expecting between 100k MT of net cancelations and 200k MT of sales. New crop bean bookings are expected between 100,000 and 600,000 MT. For meal and oil, traders anticipate between 50k and 300k MT of meal booked during the week ending 4/29 and between net cancelations of 10k MT and net bookings of 25k MT for soy oil.

May 21 Soybeans  are at $15.84 3/4, up 7 3/4 cents,

Jul 21 Soybeans  are at $15.44 1/2, up 6 1/4 cents,

Nearby Cash is at $15.54 1/4, up 6 1/4 cents,

Nov 21 Soybeans  are at $13.77 1/4, up 14 cents,

New Crop Cash is at $13.27 2/3, up 14 1/8 cents,




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