Soy Futures Closed Mostly Red

Soymeal futures were the exception with $0.80 and $1.30 gains in July and August respectively. The rest of the soy complex weakened to start the week. Soybean prices were down 1/4 to 8 1/4 cents on the day. Soybean oil futures closed with 61 to 75 point losses on the day. The May soy complex contracts expire on Friday. 

Survey respondents expect USDA to raise the old crop soybean carryout in Friday’s WASDE report. The average estimate is for a 215.8 mbu ending stock, up 5.8 from April, but estimates range from a 50 mbu boost to a 31 mbu cut. New crop soybean production is estimated at 4.496 bbu on average. The full range of pre-report estimates is from 4.417 to 4.513 bbu. 

USDA’s Crop Progress report had 35% of the new crop beans planted by 5/7. That compares to 19% last week and the 5-yr average of 21%. Fields in Missouri were 50% planted compared to 12% on average and IA was 49% finished compared to 30% on average. NASS had soybean emergence @ 9% nationally compared to 4% on average. 

USDA reported 394,755 MT of soybeans were exported during the week that ended 5/4. That was down 23% from last week and was 22% below the same week last year. Of that, China was only the destination for 68,517 MT. The season’s total inspections reached 47.855 MMT compared to 47.76 MMT last year. 

May 23 Soybeans  closed at $14.68 3/4, down 1/4 cent,

Nearby Cash   was $14.17 5/8, down 3 3/8 cents,

Jul 23 Soybeans  closed at $14.33 3/4, down 2 3/4 cents,

Nov 23 Soybeans  closed at $12.72 1/2, down 7 1/2 cents,