Soybeans Close Mostly Higher

Soybeans are working with 2 to 7 cent losses so far early on Friday. The May soybean contract saw a 19 3/4 cent range on Thursday, but closed near the low on a 3 1/4 cent loss. The other nearby futures were a penny to a nickel higher. Preliminary soybean open interest sank 15,400 contracts, all of that on liquidation of May positions that were not rolled forward. Soybean meal prices were $3 to $3.40 higher on Thursday. Soy oil closed down by 28 to 34 points. 

Chinese customs data showed 6.85 MMT of soybeans were brought in in March, which was up 7.9% from last year’s volume. Rising imports and larger domestic production have pressured Chinese soybean futures prices for several months. 

Weekly FAS data had 364,539 MT of US old crop bean sales for the week that ended 4/6. That was a 3-week high and in line with estimates. Total old crop soybean commitments were marked at 50.28 MMT, or 1.848 bbu. 

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. 

The Rosario Grains Exchange expects Argentina’s soy crop is 23 MMT after another 4 MMT cut in their recent projection. 

May 23 Soybeans  closed at $15.01, down 3 1/4 cents, currently down 2 1/4 cents

Nearby Cash   was $14.61 1/8 on Thursday, down 3/8 cent,

Jul 23 Soybeans  closed at $14.73 1/4, up 1 cent, currently down 2 3/4 cents

Nov 23 Soybeans  closed at $13.12 1/2, up 4 3/4 cents, currently down 7 1/2 cents