Soybeans Gains Holding on Monday’s Midday

Soybeans are trading with 5 to 7 cent gains at midday. The cmdtyView national average Cash Bean price is up 6 1/4 cents at $11.47 3/4. Soymeal futures is up $5.10 to $6.20, with Soy Oil futures 20 to 75 points lower. There were another 250 deliveries against May bean oil on Friday night.

Export Inspections data showed soybean at 655,294 MT (24.08 mbu) shipped in the week that ended on May 7. That was up 29.6% from last week and nearly double the same week last year. China was the top destination of 336,638 MT, with 105,016 MT to Egypt and 75,399 MT to Indonesia. Marketing year shipments have totaled 33.98 MMT (1.248 bbu), which is down 22.7% yr/yr.

Commitment of Traders data indicated managed money increasing their net long position in soybean futures and options as of 5/5 by 36,335 contracts, taking it to 221,617 contracts. Specs in bean oil futures and options extended their record net long position by 3,417 contracts to 169,142 contracts. 

USDA’s WASDE report will be out on Tuesday, with a Bloomberg survey of estimates looking for old crop US soybean stocks at 349 mbu, steady with the 350 mbu from April. New crop data will also be released, with traders looking for 366 mbu of stocks for September 1, 2027, and a range of 308 to 479 mbu. The initial World Ag Outlook Board production number for the US is seen at 4.447 bbu, with yield seen at 53 bpa. 

China imported 8.48 MMT of soybeans during April, a 40% increase from last year and well above the March total.

May 26 Soybeans  are at $12.01, up 6 3/4 cents,

Nearby Cash  is at $11.47 3/4, up 6 1/4 cents,

Jul 26 Soybeans  are at $12.14 1/4, up 6 1/4 cents,

Nov 26 Soybeans  are at $11.95 3/4, up 6 1/4 cents,

New Crop Cash  is at $11.34 3/4, up 5 3/4 cents,