Soybean futures are up 6 to 10 ½ cents across most contracts on Friday. Soymeal futures are being helpful to the bulls with gains of $4.10 to $6.10/ton. Soy Oil continued to be a drag on things this week, with 33 point losses in the front month.
A private export sale of 124,000 MT of soybeans to unknown destinations was reported this morning for old crop shipment.
USDA’s WASDE release showed a 15 mbu increase to the US carryout at 340 mbu on Thursday. That came from a 20 mbu lower export number for the current 23/24 MY and 5 mbu lighter imports.
Chinese Soybean imports in March totaled 5.54 MMT, a drop of 20% from the same month last year and a 4-year low for the month. The first quarter total was 18.58 MMT, the lowest since 2020.
Brazil’s soybean production estimate from Safras & Mercado was back up 2.65 MMT from their previous number at 151.25 MMT. That is in the middle of the 155 MMT from USDA and 146.5 MMT from CONAB. BAGE trimmed expected Argentina production by 1.5 to 51 MMT.
May 24 Soybeans are at $11.69 3/4, up 10 1/2 cents,
Nearby Cash is at $11.16 3/4, up 10 5/8 cents,
Jul 24 Soybeans are at $11.82 1/4, up 9 3/4 cents,
Nov 24 Soybeans are at $11.70 3/4, up 6 1/2 cents,
New Crop Cash is at $11.07 1/2, up 6 cents,
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