Beans Gaining on Corn Break

So far through Tuesday’s session soy futures are mostly in the black. Soy oil is mixed within 10 points of UNCH, while beans are gaining on corn. Old crop May is up 11 cents at midday, and new crop futures are 4 to 6 cents higher as well. The new crop soy/corn ratio is still just 2.039 at midday – well into corn territory. Soymeal futures re trading $2.80 to $4/ton in the black so far. 

Dalian Soybean Prices  were higher on 4/18, up 9 yuan to 6,155/MT (~ $26.20/bu). The less trader, though more import competitive Dalian No2 Soybean Prices were at a new high for the month for 5,149 yuan/MT (~ $21.92/bu).

China will be auctioning 500k MT of state imported soybeans on 4/22. 

May 22 Soybeans  are at $17.23 3/4, up 9 cents,

Nearby Cash   is at $16.60 3/4, up 8 3/8 cents,

Jul 22 Soybeans  are at $17.00 3/4, up 7 1/2 cents,

Nov 22 Soybeans  are at $15.25 1/4, up 4 1/4 cents,

New Crop Cash   is at $14.77 1/4, up 5 cents,