Soybean futures are trading 2 to 5 1/2 cents higher past the May contract which is down by 3/4 of a cent. Meal prices are $3.10 in the black so far, with soy oil backing off 24 to 26 points in the front months.Â
Chinese customs data showed 6.85 MMT of soybeans were brought in in March, which was up 7.9% from last year’s volume. The EU has imported 9.47 MMT of beans for the season through April 9, a volume 13% below last year. The European Commission showed 12.17 MMT of meal was imported from July through April 9, down by 60k MT yr/yr.
Weekly FAS data had 364,539 MT of old crop bean sales for the week that ended 4/6. That was a 3-week high and in line with estimates. New crop business came in at 66k MT for the week. Total old crop soybean commitments were marked at 50.28 MMT, or 1.848 bbu.Â
Soymeal bookings were reported at 255k MT for the week that ended 4/6. That was up 4% for the week and was 45% higher than the same week last year. Accumulated meal commitments were reported at 9.265 MMT as of 4/6. For soybean oil the weekly FAS report had 425 MT of net cancelations via Canada. The accumulated BO commitment was at 103,142 MT as of 4/6.Â
The Rosario Grains Exchange expects Argentina’s soy crop is 23 MMT after another 4 MMT cut in their recent projection.Â
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May 23 Soybeans  are at $15.04 3/4, up 1/2 cent,
Nearby Cash  is at $14.63 3/8, up 1 3/4 cents,
Jul 23 Soybeans  are at $14.75, up 2 3/4 cents,
Nov 23 Soybeans  are at $13.13, up 5 1/4 cents,
On the date of publication, Alan Brugler 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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