Soybeans Mixed at Midday

The Wednesday soy futures market is trading fractionally mixed with a 4 1/4 cent loss in the May. Meal prices are $4.90 to $7.20 lower through midday. BO futures are firmer so far with 30 to 35 point gains. 

Ahead of the weekly Export Sales report, the trade expects between 75k and 500k MT of soybeans were booked. New crop bean sales are estimated below 150k MT. 

StatsCan reported soybean area as 5.511m acres for 2023. That was 300k acreage increase, while the trade expected no change. Canola area was about 200k acres below the trade average guess at 21.597 million. That is still a 200k acre increase from 2022/23.

Anec expects Brazil’s soybean exports to reach 14.7 MMT for April, which is below their prior 15.15 MMT estiamte. Anec expects 1.9 MMT for soymeal shipments. 

The USDA Ag Attache set their preliminary output projection at 159 MMT for Brazil’s 23/24 soybean crop. That would be a 6.5 MMT increase from this year’s record. 

China’s Ministry of Ag and Rural Affairs intends to lift their domestic grain production to 88% of needs by 2032 – effecting rice, wheat, corn, and soybeans. Currently China produces 82% of their grain needs domestically, relying on imports for the remainder. 

May 23 Soybeans  are at $14.46 1/2, up 1 1/4 cents,

Nearby Cash   is at $14.06 1/1, up 3 3/4 cents,

Jul 23 Soybeans  are at $14.22 3/4, up 5 1/4 cents,

Nov 23 Soybeans  are at $12.69 1/2, up 3 1/2 cents,