Front month soybean futures are up by double digits so far through midday. The old crop futures are leading the way as May extends its premium to now $2.04 above the November quote. July is up by 18 cents, narrowing the discount to May, but still 31 cents below it. Soymeal prices are $4.30 to $5.90 higher so far. BO futures are trading up by 65 to 71 points through midday.
Weekly Export Inspections data showed 526,376 MT of soybean exports for the week that ended 4/13. That was down from 678k MT last week and from 1.008 MMT from the same week last year. China was the week’s top destination with 53% of the total. Accumulated soybean exports were marked at 46.667 MMT, up by 628k MT from last year’s pace.
The trade is looking for a 183.4 mbu March NOPA soy crush going into this afternoon’s report. The full range of estimates is from 180.7 to 188.5 mbu, and compares to 182.5 LY. Soybean oil stocks are estimated at 1.867b lbs, from 1.809b last month.
May 23 Soybeans are at $15.16, up 15 1/2 cents,
Nearby Cash is at $14.75 1/1, up 17 1/4 cents,
Jul 23 Soybeans are at $14.84 3/4, up 17 1/2 cents,
Nov 23 Soybeans are at $13.11 1/4, up 9 3/4 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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