Soybeans have backed off from the early overnight gains by 10-15 cents, but are still up 6 to 10 ½ cents at midday. Product values are mixed as soybean meal is up $2.20/ton, and bean oil backing off 82 points.
This morning’s Export Inspections report tallied soybean shipments at 784,187 MT in the week that ended on Thursday. That was more than double the same week last year and up 55.4% vs. the week prior on a 4-week high. YTD shipments since September 1 are 48.5 MMT, brining the total to within 13.2% of last year’s pace.
Trade ideas for US soybean planting progress are running 30-33% through Sunday, still behind the 39% average pace for this date.
April soybean crush data out of NOPA indicated 169.788 mbu of beans were crushed during the month. That was well above last year, but shy of the 172.37 mbu estimate and the 2020 record. Soy oil stocks were slightly below estimates at 1.814 billion lbs.
Jul 22 Soybeans are at $16.52 1/4, up 5 3/4 cents,
Nearby Cash is at $16.19 3/4, up 5 1/8 cents,
Aug 22 Soybeans are at $16.03 1/2, up 8 cents,
Jan 23 Soybeans are at $15.09 3/4, up 10 1/4 cents,
New Crop Cash is at $14.62, up 8 7/8 cents,
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