Soy Fading More into Tuesday

Soybean prices are down by 4 to 6 cents into the Tuesday day session. Morning meal prices are 40 cents lower with BO down by 30 points. Soy futures started the new week with double digit old crop bean losses. May led the way lower with an 18 1/4 cent loss, while the new crop futures were 8 1/2 cents weaker at the close. Soymeal prices settled the day $4.70 to $6.20 weaker. The front month soy oil futures ended 73 to 84 points in the red.

The weekly Crop Progress report had 9% of US soybeans planted as of 4/23. That was up from 4% last week and compares to the 5-yr average pace of 4%. Illinois advanced from 4% to 15% through the week and is running 9% points ahead of average. 

USDA’s weekly Export Inspections report had 374,960 MT of soybean exports for the week that ended 4/20. The weekly data had 47.047 MMT of soybean exports for the season through 4/20, which is 0.9% ahead of last year’s pace. 

Ahead of the StatsCan acreage estimates report, due Wednesday, analysts are looking for a 21.8m acre canola crop. That would be up 400k acres from 22/23 if realized. The full range of estimates is from 20.5 to 22.5 million. The average trade estimate for soybean area is 5.3m acres, even with last year. 

China’s March soybean imports from the U.S. were 4.83 MMT compared to 3.37 MMT last year. Imports from Brazil were 1.67 MMT in March which was a 42% drop from last year. Total March imports were 6.85 MMT, 8% above March ’22. 

May 23 Soybeans  closed at $14.65 1/4, down 18 1/4 cents, currently down 4 1/4 cents

Nearby Cash   was $14.22 7/8, down 14 3/8 cents,

Jul 23 Soybeans  closed at $14.36, down 13 cents, currently down 5 3/4 cents

Nov 23 Soybeans  closed at $12.76 3/4, down 8 1/2 cents, currently down 5 1/2 cents