Soybean Pullback from 4-Month High

Overnight action has soybeans trading 5 ½ to 6 ¾ cents higher. They ended the Monday session with double digit gains and within a few cents of the day’s high. Contracts were up 15 ¾ to 33 ¾ cents across the board. Forecasts for heavy rain totals in Southern Brazil, on top of already flooded areas, with some beans still to be harvested was supportive. Soymeal was continuing last week’s rally, with futures up another $5.40 to 15.40/ton. Soy Oil was busy bouncing from last week’s contract lows and helping boost product value, as futures were up 32 to 76 points across the board.

There have still been zero deliveries against May soy meal.  There were 16 put out against May BO overnight, with May soybeans seeing none after heavier early deliveries were absorbed. 

The weekly Export Inspections report from FGIS put soybean shipments at 348,654 MT during the week that ended on 5/2. That was a 26.28% improvement vs. the week prior and down 12.4% from the same week last year. Egypt was the top destination of 84,795 MT, with 68,034 MT headed to China. Inspections for the marketing year are now at 39.122 MMT (1.437 MMT), a decline of 18.2% from last year.

Crop Progress data showed 25% of the US soybean crop was planted as of May 5, 4% ahead of  the average pace over the last 5 years. That was a move of just 7% on the week and was shy of the 29% average expected, as well as the 30% from last year. The crop was 9% emerged by Sunday, 5% above the average pace.

May 24 Soybeans  closed at $12.34 3/4, up 33 cents, currently down 4 3/4 cents

Nearby Cash  was $11.88 1/8, up 32 1/8 cents,

Jul 24 Soybeans  closed at $12.48 3/4, up 33 3/4 cents, currently down 7 1/4 cents

Nov 24 Soybeans  closed at $12.19 3/4, up 18 3/4 cents, currently down 5 1/4 cents

New Crop Cash  was $11.63, up 18 5/8 cents,