Front month soybean futures are working 1 ½ to 4 cents lower at midday, though May futures are a dime off the session lows. Soy Oil futures remain strong with midday gains of nearly another 2%. Malaysian Palm Prices have been rallying since late February and BO prices had been declining relative to palm. Nearby Canadian Canola Prices are fading $1.70 CAD/MT so far. Soymeal futures are down by over $5/ton at midday.
CONAB estimated Brazil’s soybean production at 146.85 MMT, a 2.55 MMT cut and now 8.15 MMT under USDA. That came via a 220k harvested acre increase and a 0.93 bpa yield hit nationally. They lowered the expected average yield. Safras and Mercado’s standing estimate is to see 149.1 MMT of soybean production, which has the 54.5 MMT in farmer sales read as 36.6%. At the same point last year farmers were 35.4% sold, though the 5-yr average is to be closer to 50% via Safras data. AgRural estimates Brazilian harvest is 55% complete, slightly ahead of the 53% from last year.
May 24 Soybeans are at $11.92 1/4, down 3 3/4 cents,
Nearby Cash is at $11.35 3/8, down 3 5/8 cents,
Jul 24 Soybeans are at $12.05 3/4, down 2 3/4 cents,
Nov 24 Soybeans are at $11.83 1/2, down 3 3/4 cents,
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