Soybeans are fading some of the earlier strength, with contracts fractionally to 2 cents higher in the front months. Preliminary open interest showed short covering in the May contract, as well as index funds rolling from there to July. Overall, soybean OI rose 2,944 contracts on the mixed futures action. Soymeal is trading $4.10 higher in the May contracts at Midday. Soy Oil is back down 100 points on the Monday session after seeing strength last week.
The weekly Export Inspections report from the FGIS indicated a 13.2% drop in soybean shipments during the week that ended on April 4 to 484,328 MT. That was also down 28.7% from the same period last year. Nearly half of the total was headed to China, with 215,344 MT, as another 85,231 MT on its way to Egypt. The year to date total to all destinations is at 37.598 MMT, which still trails last year by 18.5% and the 5-year average by 10.1%.
AgRural tallied the Brazilian soybean harvest at 78% complete, compared to the 82% pace last year. Argentina’s BA Grain Exchange reports that 2% of the bean crop has been harvested. They are still using a crop estimate of 52.5 MMT vs. USDA at 50 MMT.
May 24 Soybeans are at $11.86 1/4, up 1 1/4 cents,
Nearby Cash is at $11.31 1/8, up 1 1/4 cents,
Jul 24 Soybeans are at $11.98 3/4, up 2 cents,
Nov 24 Soybeans are at $11.86 1/4, up 1 1/2 cents,
New Crop Cash is at $11.23 7/8, up 1 7/8 cents,
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