Soybeans ended the Monday session with contracts fractionally to 3 ½ cents in the red across most contracts. Soymeal tried to regain some strength, with gains of $2.50 in nearby May. Soy Oil was the pressure point for the complex with losses of 98 points in the front month.
The weekly Export Inspections report from the FGIS indicated a 13.2% drop in soybean shipments during the week that ended on April 4 to 484,328 MT. That was also down 28.7% from the same period last year. Nearly half of the total was headed to China, with 215,344 MT, as another 85,231 MT on its way to Egypt. The year to date total to all destinations is at 37.598 MMT, which still trails last year by 18.5% and the 5-year average by 10.1%.
AgRural tallied the Brazilian soybean harvest at 78% complete, compared to the 82% pace last year. Argentina’s BA Grain Exchange reports that 2% of the bean crop has been harvested. They are still using a crop estimate of 52.5 MMT vs. USDA at 50 MMT.
May 24 Soybeans closed at $11.81 1/2, down 3 1/2 cents,
Nearby Cash was $11.26 3/8, down 3 1/2 cents,
Jul 24 Soybeans closed at $11.94 1/4, down 2 1/2 cents,
Nov 24 Soybeans closed at $11.84 1/4, down 1/2 cent,
New Crop Cash was $11.21 5/8, down 3/8 cent,
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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