In Monday’s session soybeans saw 6 cent gains at the start of the overnight session and traded very choppily after that. The market faded late in the day session to close around unchanged. Early support spilled over from the sharply higher soybean oil market on news that Indonesia is moving from a B40 biodiesel blend to a B50 this year. The move had been put on hold earlier, but the impact of the Iran conflict likely influenced the decision. Friday’s friendly EPA blending mandates announcement and the higher crude market added support.
Monday’s gains were limited by disappointing export shipments. Last week’s shipments were below the range of trade expectations and the lowest in 27 weeks. Marketing year to date shipments are running 27% behind last year’s pace. In South American news, Brazil’s soybean harvest is now estimated at 72% complete vs. 78% average. AgRural increased their estimate of Brazil’s crop by 0.4 MMT to 178.4 MMT.
On Tuesday soybeans saw mostly small gains overnight and into the day session and then shot higher when the reports came out at 11 am. The market was able to hold on to most of those gains and closed with double-digit gains. USDA’s Quarterly Grain Stocks report was largely a non-event. March 1 stocks were at 2.105 BB, 194 MB higher than last March and 42 MB higher than expected.
The Prospective Plantings report was friendly soybeans. Although acres are expected to increase 3.5 million to 84.7 million, that was 849,000 acres lower than the trade expected. Soybean acres are expected to be 2% higher in ND, 2% higher in MN and 10% higher in SD over last year.
In Wednesday’s session soybeans were briefly higher early in the overnight session before turning lower and adding to the losses. The market bottomed out early in the day session (at about 18 cents lower) and then trimmed most of the losses to close just a couple of cents lower. Pressure came from the lower crude oil and vegetable oil markets, as well as from money flow to the outside markets and profit taking after Tuesday’s strong gains.
After the close, USDA released the February crush report. Feb crush came in at 214.3 MB, right in line with trade estimates and much higher than last Feb’s 189.6 MB to easily set a new record for the month. Soybean oil stocks were within the range of trade estimates but the highest in 70 months.
Hedgers should target $11.95 Nov to make catch up sales in soybeans. Target $12.25 to advance sales.
May soybean support is $11.35.
For the week, May soybeans were at $11.635 up 4.25 cents while Nov soybeans were at $11.54 up 10.0 cents. May soybean meal was at $315.20 up 50 cents and May soybean oil was at $68.94 up $1.56
For the month, May soybeans were up 0.25 cent and Nov soybeans were up 29.25 cents. May soybean meal was down $4.10 and May soybean oil was up $7.03.
Soybean Weekly Comments April 2
Soybean Weekly Comments April 2
In Monday’s session soybeans saw 6 cent gains at the start of the overnight session and traded very choppily after that. The market faded late in the day session to close around unchanged. Early support spilled over from the sharply higher soybean oil market on news that Indonesia is moving from a B40 biodiesel blend to a B50 this year. The move had been put on hold earlier, but the impact of the Iran conflict likely influenced the decision. Friday’s friendly EPA blending mandates announcement and the higher crude market added support.
Monday’s gains were limited by disappointing export shipments. Last week’s shipments were below the range of trade expectations and the lowest in 27 weeks. Marketing year to date shipments are running 27% behind last year’s pace. In South American news, Brazil’s soybean harvest is now estimated at 72% complete vs. 78% average. AgRural increased their estimate of Brazil’s crop by 0.4 MMT to 178.4 MMT.
On Tuesday soybeans saw mostly small gains overnight and into the day session and then shot higher when the reports came out at 11 am. The market was able to hold on to most of those gains and closed with double-digit gains. USDA’s Quarterly Grain Stocks report was largely a non-event. March 1 stocks were at 2.105 BB, 194 MB higher than last March and 42 MB higher than expected.
The Prospective Plantings report was friendly soybeans. Although acres are expected to increase 3.5 million to 84.7 million, that was 849,000 acres lower than the trade expected. Soybean acres are expected to be 2% higher in ND, 2% higher in MN and 10% higher in SD over last year.
In Wednesday’s session soybeans were briefly higher early in the overnight session before turning lower and adding to the losses. The market bottomed out early in the day session (at about 18 cents lower) and then trimmed most of the losses to close just a couple of cents lower. Pressure came from the lower crude oil and vegetable oil markets, as well as from money flow to the outside markets and profit taking after Tuesday’s strong gains.
After the close, USDA released the February crush report. Feb crush came in at 214.3 MB, right in line with trade estimates and much higher than last Feb’s 189.6 MB to easily set a new record for the month. Soybean oil stocks were within the range of trade estimates but the highest in 70 months.
Hedgers should target $11.95 Nov to make catch up sales in soybeans. Target $12.25 to advance sales.
May soybean support is $11.35.
For the week, May soybeans were at $11.635 up 4.25 cents while Nov soybeans were at $11.54 up 10.0 cents. May soybean meal was at $315.20 up 50 cents and May soybean oil was at $68.94 up $1.56
For the month, May soybeans were up 0.25 cent and Nov soybeans were up 29.25 cents. May soybean meal was down $4.10 and May soybean oil was up $7.03.