Soybean prices are 8 to 13 3/4 cents lower so far for Tuesday. Meal prices are also dropping $1 to $1.70/ton. BO futures are down by as much as 61 points through midday. Â
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.Â
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.Â
May 23 Soybeans  are at $14.50 1/4, down 15 cents,
Nearby Cash  is at $14.08 1/8, down 13 3/4 cents,
Jul 23 Soybeans  are at $14.20, down 16 cents,
Nov 23 Soybeans  are at $12.66, down 10 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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