Soybean posted stronger trade action on Friday as contracts rallied 10 to 15 cents into the close. They still posted some weakness this week as May lost 11 cents and November was down 8 ½ cents. Soymeal futures were up $5.40 to $8.20/ton in the nearbys. Soy Oil continued to be a drag on the complex this week, with 26 point losses in the front months.
A private export sale of 124,000 MT of soybeans to unknown destinations was reported this morning for old crop shipment. Fresh NOPA data will be out on Monday for March with the trade expecting 197.79 mbu of beans crushed among members during the months. Soy oil stocks are pegged at 1.792 billion lbs.
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 closed at $11.74, up 14 3/4 cents,
Nearby Cash was $11.20 1/1, up 14 3/4 cents,
Jul 24 Soybeans closed at $11.86 3/4, up 14 1/4 cents,
Nov 24 Soybeans closed at $11.76 1/4, up 12 cents,
New Crop Cash was $11.13 3/4, up 12 1/4 cents,
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