Soybean Futures Market News and Commentary
Soybeans are up 4 1/2 cents at midday. Soymeal futures are down another $2.30/ton in May. May bean oil futures are up 81 points to provide the product value. The national average soybean basis from cmdtyView is 44.43 cents. That is still 50% stronger than the same time last year. Pre-report estimates ahead of Thursday’s USDA update show traders anticipate a 6 mbu increase to bean ending stocks. Analysts also anticipate the USDA revising the 19/20 forecast for soybean exports lower to 1.804 bbu. Traders anticipate on average a 300k MT hike to Brazil’s soybean output, but a 400k MT cut to Argentina’s output. Soybeans exported for the week ending April 02 from the US totaled 10.9 mbu. Accumulated shipments were 5.7% above last year’s pace with 1.172 bbu shipped on the MY.
May 20 Soybeans are at $8.60, up 4 1/2 cents,
Jul 20 Soybeans are at $8.65 1/2, up 4 1/4 cents,
Aug 20 Soybeans are at $8.68 1/4, up 4 1/4 cents,
Sep 20 Soybeans ar... Read more