Soybeans were in rally mode on Tuesday, with bean oil continuing to pull the market higher, up 6 ¾ to 9 1/4 cents on the beans. The cmdtyView national average Cash Bean price was up 9 1/4 cents at $11.11 3/4. Soymeal futures were down $2.10 to 20 cents higher on the day, with Soy Oil futures up 184 to 251 points in the front months.
D4 Rin values have reached their highest levels since late 2022, which is supporting the bean oil market via increased renewable demand for the feedstocks.
The weekly Crop Progress report from NASS showed the US soybean crop was pegged at 12% planted by April 19. That is well above the 5% average pace for this time of year and the 7% from last year. By state, just IA, MI, and WI were the only states below the average planting pace.
Planting progress is far from delayed at this point, though the next 7-days looks to see limited planters rolling, as 1 to 3 inches of rain is expected from the Central Plains to the East Coast.
May 26 Soybeans closed at $11.74 1/2, up 8 3/4 cents,
Nearby Cash was $11.11 3/4, up 9 1/4 cents,
Jul 26 Soybeans closed at $11.90 1/4, up 8 1/2 cents,
Nov 26 Soybeans closed at $11.66 1/2, up 8 3/4 cents,
New Crop Cash was $11.04 1/4, up 9 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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