Soybean Futures Market News and Commentary
Soybeans are trading fractionally in both directions on Monday after shedding early session gains. The front months are up a 1/4 cent, Sept is down 1/2 cent and Aug contracts are UNCH so far. Soybean meal futures are showing a $1.50/ton midday gain. May bean oil futures are also higher, up 13 points for middays. USDA reported a large export sale of 285,000 MT of soybeans to Mexico for next MY delivery. From the USDA’s Export Inspections report, soybean shipments from the week ending Mar 26 were 15.21 mbu, compared to the same week last year’s 26.16 mbu. Accumulated soybean exports are 1.161 bbu through the same week, which is a yr/yr increase of 7.9%. Through week 30 of the 17/18 MY soybean exports totaled 1.526 bbu. Of the week’s soybean exports, less than a half a percent was to China. The top destinations were Mexico, with 112,438 MT, and Bangladesh, with 108,322 MT. Argentine crush plants continue to be hampered by trucking restrictions limiting soybean supplies.
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