Soy Oil Roared Overnight

Soybean oil futures are trading with +3 cent gains into the day session and setting new all time highs. Meal’s fading to maintain crush, as beans are just 8 to 10 higher relative to the 4% gains in BO. Yesterday, soybeans went home with the board 1 1/2 to 5 cents higher at the Thursday close. Soymeal also spent most of day mixed, but went home $2.20 to $2.50 weaker. BO futures were mostly higher on Thursday, and ended the session up by 67 to 89 points after setting new highs. May options expire today for all three commodities. 

Weekly soybean Export Sales were 460,244 MT for the week of 4/14. Of that, nearly 430k MT were previously announced via the daily system. New crop bean bookings were reported as 1.24 MMT, with China’s 554k MT previously announced sale included. USDA had old crop commitments as 57.1 MMT, or 2.098 bbu, or 99.2% of USDA’s forecast. Accumulated shipments, at 1.69 bbu, were 79.9% of the forecasted total. 

The April IGC global S&D forecasts for soybeans showed a 1 MMT lighter output to 349 MMT. Stocks, however, were upped by 2 to 44 MMT. Their initial 22/23 forecasts are to see record 383 MMT production, and for stocks build by 10 MMT, to 54 MMT. That would still be below 20/21’s carryout if realized. 

Abiove maintained their Brazilian soy production outlook at 125.3 MMT for the 21/22. They did raise carryout by 520k MT to 2.42 MMT. Exports were figured 500k MT lighter at 77.2 MMT, though Abiove left crush at a record 48 MMT forecast.  In Argentina, BAGE reported 31% of the soybean crop has been harvested. 

May 22 Soybeans  closed at $17.48 1/4, up 1 1/2 cents, currently up 8 cents

Nearby Cash  was $16.80 1/8 on Thursday, up 2 cents,

Jul 22 Soybeans  closed at $17.19 1/2, up 2 1/2 cents, currently up 9 cents

Nov 22 Soybeans  closed at $15.31 3/4, up 2 1/4 cents, currently up 7 3/4 cents

New Crop Cash  was $14.83 3/8 on Thursday, up 2 1/2 cents,