Soy Rallying on Biofuel News

Beans are up double digits for a Turnaround Tuesday, gaining in Unison with corn after a CNN E15 announcement this morning. President Biden is in IA today. Soybeans ended the Monday session with 6 to 14 cent new crop losses and 10 3/4 to 33 3/4 cent old crop losses. For May, that offset much of Friday’s gain as traders fretted about a Chinese slowdown tied to the Shanghai lockdown and other coronavirus quarantine measures. Preliminary open interest data showed net new selling interest, up 1,794 contracts. Meal futures ended the day $5.90 to $9.10 in the red. Soy oil closed 40 to 82 points weaker. 

Weekly FAS data showed 766,232 MT of soybeans were exported through the week that ended 4/7. That was up from 741k last week and from 337k during the same week last year. China was the week’s top destination with 424,449 MT of the total. USDA also added 4k MT to past reports, which took the MYTD total to 44.939 MMT through 4/7. That is 78.1% of the WASDE forecasted total. 

May 22 Soybeans  closed at $16.55 1/4, down 33 3/4 cents, currently up 15 3/4 cents

Nearby Cash  was $15.97 on Monday, down 28 3/4 cents,

Jul 22 Soybeans  closed at $16.40 3/4, down 27 1/4 cents, currently up 15 3/4 cents

Nov 22 Soybeans  closed at $14.85 3/4, down 9 3/4 cents, currently up 11 3/4 cents

New Crop Cash  was $14.37 ½ on Monday, down 13 1/4 cents,