Soybeans are posting 2 to 3 cent lower trade following the overnight session. They closed with contracts 1 ¼ to 4 ¾ cents higher on the Monday session despite showing double digit gains earlier in the day. Soybean futures price limits are going to trimmed by a dime to 85 cents on Wednesday, with the CME. Soymeal was in rally mode, as contracts were up $6.40 to $9.60/ton. An oilseed workers strike in Argentina was supportive. Soy Oil was lower, with contracts down 88 to 117 points. A Wynnewood, OK refinery caught fire over the weekend. The fire was extinguished, though there is little info about damage at this time. 

Today is FND for May futures deliveries, and deliveries against May BO were heavy at 2,101 contracts.  Most were put out by JPM clients, with Bunge the largest stopper. There were 222 meal contracts issued, and May soybean deliveries totaled 533 contracts. Of those 401 came from Bunge. 

The weekly Monday morning Export Inspections report showed just 250,332 MT of soybeans shipped in the week that ended on April 25. That was a 41.9% drop from the previous week and down 38.6% from the same week in 2023. The lead buyer was Japan at 84,142 MT, with 77,696 MT headed to Indonesia, as just 9,257 MT head on its way to China. Cumulative export shipments this marketing year have been 38.748 MMT (1.424 bbu), which is 18.4% below last year during the same period. USDA’s full year forecast is for -15%. 

Producers were busy getting the crop in the ground last week with 18% of the US soybean acres planted by 4/28, a 10% move on the week. The average planting completion for the week over the last 5 years is 10%.

May 24 Soybeans  closed at $11.60 3/4, up 1 1/4 cents, currently down 2 cents

Nearby Cash  was $11.13 1/4, up 4 5/8 cents,

Jul 24 Soybeans  closed at $11.82, up 4 3/4 cents, currently down 3 cents

Nov 24 Soybeans  closed at $11.78, up 3 1/4 cents, currently down 2 1/2 cents

New Crop Cash  was $11.14 1/1, up 3 cents,