Soybean Jul '24 (ZSN24)

Soybeans closed the week’s opening session with contracts 8 ½ to 11 ¾ at the closing bell. Soymeal was up 60 cents to $2.10 on the day to help with product support. 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 a 18.2% decline from last year. 

Soybean planting pace is off to a decent start, with 8% of the US crop now 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 10 1/2 cents,

Nearby Cash  was $11.08 1/4,... Read more