Soybean are down 5 to 7 cents across most nearby contracts on Turnaround Tuesday. Soymeal futures are up $5.80/ton. Soy Oil was is back 181 points lower. On Tuesday morning the White House issued an announcement of increased tariffs on Chinese goods, but did not include used cooking oil on the list.
The weekly Crop Progress report from NASS pegged the US soybean crop at 35% planted by Sunday, a 10% increase on the week. That is now just 1% above the 5-year average pace and lags last year by 10%. Of the 18 major states reported, IA, IL, MI, MN, NE, ND and SD were reported as lagging behind. Limited precip over the next week in most of those states should allow for planting to catch up.
NOPA data will be updated on Wednesday, as traders are expecting to see April crush at 183.07 mbu. Soy oil stocks are estimated at 1.882 billion lbs.
The monthly released from CONAB showed expected Brazilian production at 147.68 MMT this morning. That was a 1.16 MMT increase from last month, as the agency increase acreage by 498,000 hectares (1.23 million acres).
May 24 Soybeans are at $12.05 1/2, up 1/2 cent,
Nearby Cash is at $11.51 1/1, down 5 1/2 cents,
Jul 24 Soybeans are at $12.14, down 5 1/2 cents,
Nov 24 Soybeans are at $12.06 1/4, down 6 cents,
New Crop Cash is at $11.49, down 6 1/8 cents,
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