Midday soybean quotes are 1 1/2 to 6 1/4 cents in the red so far. Meal prices are also weaker at midday, giving back $3.80 to $4.50. Soybean oil is trading 33 to 38 points higher through midday. Â
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.Â
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. Â
May 23 Soybeans  are at $14.50, down 4 3/4 cents,
Nearby Cash  is at $14.05 3/4, down 6 1/4 cents,
Jul 23 Soybeans  are at $14.21 3/4, down 5 3/4 cents,
Nov 23 Soybeans  are at $12.70 1/2, down 4 1/2 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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