Soybeans Gains Holding on Monday’s Midday

Soybeans saw gains of 2 ¼ to 5 ½ cents across the board on Monday. The cmdtyView national average Cash Bean price was up 5 1/4 cents at $11.46 1/2. Soymeal futures were up $1.90 to $5.40, with Soy Oil futures 2 to 58 points lower.

The weekly Crop Progress report from NASS showed the US soybean crop at 49% planted by May 10, still well above the 36% average pace for this time of year. Emergence was at 20%, vs. 12% on average.

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.

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  closed at $11.99 3/4, up 5 1/2 cents,

Nearby Cash  was $11.46 1/2, up 5 1/4 cents,

Jul 26 Soybeans  closed at $12.13, up 5 cents,

Nov 26 Soybeans  closed at $11.94 3/4, up 5 1/4 cents,

New Crop Cash  was $11.33, up 5 1/4 cents,