Soybean Futures Firm at 9 Cent Gains

Midday bean futures are trading with 5 1/4 to 9 1/2 cent gains so far after the WASDE release. Bean futures were up by 6 to 10 cents going into the report’s release. Soymeal futures are trading higher with 1.2% to 1.5% gains through midday. BO prices are also in the black so far with 30 to 40 point gains across the front months. The average cash price was maintained at $14.30/bu for beans and $465/ton for meal, though soy oil was 2 cents weaker to 64 c/lb. 

USDA made no changes to the domestic soybean balance sheet. Meal lost 50,000 tons of production, but USDA upped the import by the same amount. Global S&D revisions included a 6 MMT cut to Argentina’s production, taking it to 27 MMT. The average trade guess was to see 29.3, though USDA was within the full range of estimates. Brazilian output was up by 1 to 154 MMT, and inline with the pre report estimate. USDA trimmed China’s 22/23 soy crush by 1 MMT. The net global stocks figure increased by 280k MT to 100.29. 

Safras and Mercado reported Brazil’s 22/23 soy harvest was 80.8% complete. That is down from 85.5% last year when dry weather speeded progress. Safras raised their production estimate to 155.1 MMT from 152.4 MMT. Brazilian farmer soy sales were marked at 44.3% of the crop, compared to 60% on average. 

May 23 Soybeans  are at $14.96, up 8 3/4 cents,

Nearby Cash   is at $14.57 1/1, up 8 7/8 cents,

Jul 23 Soybeans  are at $14.69 3/4, up 8 cents,

Nov 23 Soybeans  are at $13.15 1/4, up 5 1/2 cents,