Soy Futures Print Monday Gains

The soybean market bounced out of the weekend to start the month of May on a positive note. Beans were 8 1/4 to 14 1/4 cents higher at the close. Meal prices ended the session with $1.20 to $1.40 gains. Soybean oil closed the day 14 to 18 points higher. China’s Dalian futures market was closed for Labour Day. 

NASS reported the 23/24 soy crop was 19% planted as of 4/30. That was a 10% point advancement through the week and is 8ppts ahead of the 5-yr average. The average trade guess was to see 17% planted. At the state level, IL was 39% planted compared to 15% on average, and MO was shown at 34% planted compared to 5% on average. 

NASS confirmed 197.95 mbu of soybeans were crushed in March. That was just 228k bushels below the all time record from Dec ’21, as the second most for any month. Traders were looking for a 197.3 mbu crush to be confirmed. Crush demand needs to average 184.6 mbu/month (which would be a new record for each remaining month) to hit the USDA forecast. Soybean oil stocks were 2.387 billion lbs, which was slightly below the trade average guess ahead of the release.  

USDA’s weekly Export Inspections report showed 401,976 MT were shipped during the week that ended 4/27. That was a 38k MT increase from last week, but was below the 606k MT export during the same week last year. The full season’s shipment reached 47.452 MMT, now ahead of last year by just 199k. 

May 23 Soybeans  closed at $14.54 3/4, up 10 1/2 cents,

Nearby Cash   was $14.11 1/1, up 9 1/8 cents,

Jul 23 Soybeans  closed at $14.27 1/2, up 8 1/4 cents,

Nov 23 Soybeans  closed at $12.75, up 11 1/2 cents,