Soybean futures closed sub $12 with futures near their lows on 3 to 6 cent losses. Soymeal prices were also $3 to $4 weaker on the day. Soy Oil futures were off their highs for the close but held on for a gain on the day. Futures were up by 20 to 30 points across the front months.
USDA’s FGIS reported 414,484 MT of soybeans were exported during the week that ended 3/28. That was under the 785k MT last week and the 504k MT from the same week last year. Bean shipments are now 18.7% behind last year’s pace with 36.98 MMT exported.
The March Intentions data showed an 86.510 million acre planted area for 24/25 soybeans. Friday’s Grain Stocks data showed March supplies were 1.845 billion bushels, implying Q2 demand was 1.156 bbu.
May 24 Soybeans closed at $11.85 3/4, down 5 3/4 cents
Nearby Cash was $11.31 3/4, down 4 1/2 cents,
Jul 24 Soybeans closed at $11.99 1/2, down 5 3/4 cents
Nov 24 Soybeans closed at $11.82 1/2, down 3 3/4 cents
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