Soybeans (P) Futures PricesFri, Apr 29th, 2016
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Soybean futures are steady to 3 cents lower at midday. Argentinean forecasts appear to be drying out, as heavy rains have considerably delayed harvest. Soybean harvest there is currently estimated at 24% complete, compared to 62% at this point in 2015. Soybean planting progress in the US is projected to be 9 to 10% done as of this coming Sunday night, versus the previous five year average of 6%. The official USDA figure will be released Monday afternoon at 3 PM CDT. The IGC lowered its 15/16 world soybean production estimate by 5 MMT to 318 MMT (USDA: 320.15 MMT). The US ag attache in Canada expects 2016/17 Canadian oilseed crush to drop 4.6% year over year. Canola production is projected to fall 8.6% from 2015/16 to 15.75 MMT.
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