Beans Higher with Tuesday Follow Through

Soy prices are extending the gains into Tuesday’s day session. The soybean market started 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. 

There were again zero deliveries against May soy meal overnight.  May BO notices dropped to 23, with all of them stopped by the ADM house account. There have still been zero deliveries against May soybeans, with the oldest long dated 1/18/23. 

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 8 ppts 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. 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, currently up 12 1/4 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, currently up 11 1/4 cents 

Nov 23 Soybeans  closed at $12.75, up 11 1/2 cents, currently up 5 cents