Soybean futures are up anywhere from fractionally in the new crop months to 4 cents in the nearbys at midday. Soymeal is down 20 cents to $1 so far, with Soy Oil showing 28 to 30 point gains.
Soybean planting is off to a decent start, with NASS reporting 8% of the US crop in the ground as of Sunday. That matches last year’s pace and is double the 4% 5-year average. Of the major states reported, just OH and IN were lagging behind the normal pace. IL was 5% above normal, with IA moving at a 6% faster than average pace and MO already 16% planted vs. the 3% average.
Precip across much of the US soybean growing region later this week and into the weekend may put a hold on the speedy planting pace.
May 24 Soybeans are at $11.64 3/4, up 3 3/4 cents,
Nearby Cash is at $11.12 3/8, up 4 cents,
Jul 24 Soybeans are at $11.79 1/2, up 3 cents,
Nov 24 Soybeans are at $11.72, up 1/4 cent,
New Crop Cash is at $11.08 3/8, up 1/4 cent,
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