Soybean Meal Jul '24 (ZMN24)

Overnight trade in the bean market has futures 2 to 3 cents lower Soybeans were up 8 ½ to 11 ¾ at the close on Monday. Soymeal was up 60 cents to $2.10 on the day to support beans via higher product values. The real support was from Soy Oil, which saw contracts up 65 to 72 points at the close.  

Export Inspections data from USDA showed soybeans slipping some during the week that ended on April 18 at 435,256 MT. That was still 14.6% above the same week last year despite the 7% drop from the week prior. More than half of the total was headed to China, at 219,144 MT, as another 75,859 MT was shipped to Indonesia and 71,250 MT to Mexico. The Year to date inspections for soybeans have totaled 38.488 MMT (1.414 bbu), which is an 18.2% decline from last year. 

Soybean planting is off to a decent start, with NASS reporting 8% of the US crop in the ground as of Sunday. That matches last year’s pace and is double the 4% 5-year average. 

May 24 Soybeans  closed at $11.61, up... Read more