To start the week, soybeans saw gains early in the overnight session, then pulled back and traded around unchanged for the rest of the overnight session. The market fell lower throughout the day session and closed lower, with the front months seeing larger losses than the new crop contracts. Soybeans didn’t see the same push as wheat and corn overnight. Day session pressure came from reports China will be sending military hardware to Iran. In addition, the announced US blockade of the Strait will stop the flow of oil from Iran to China. This puts the May 15 meeting between Trump and Xi in jeopardy. Rains in the eastern Corn Belt that will likely slow down corn planting and may shift acres to soybeans added pressure. Last week’s export shipments were in the range of trade expectations.
In Tuesday’s session soybeans traded with small gains overnight but drifted lower in the day session and closed with small losses. Soybeans added to Monday’s losses as tensions are once again increasing between the US and China as China has gotten more involved in the Iran war. Pressure also came from an unexpected quick start to soybean planting. Monday’s crop progress report put soybean planting at 6% complete while traders only expected to see 2% planted. In South American news, CONAB increased their estimate of Brazil’s production by 1.3 MMT to 179.2 MMT (USDA is currently at 180.0 MMT).
Soybeans climbed higher throughout the overnight session and into Wednesday’s day session. The market faded a bit at the end of the session, but soybeans still closed with solid gains. Technical buying after the past two days’ losses supported soybeans. The March NOPA report was friendly. March crush was 226.2 MB, lower than the average trade estimate of 230.0 MB, but it shattered the prior March record of 194.6 MB and came within 1.4 MB of the all-time record set in Oct. 2025. Soybean oil stocks came in lower than expected. Gains were limited by rain throughout the Midwest that are slowing corn planting and could lead to more acres switching to soybeans. USDA put out a correction and lowered last week’s soybean export shipments by 3.0 MB to 26.9 MB.
Soybeans traded back and forth in Thursday’s choppy session and closed mixed with small losses in the front months and small gains in the new crop contracts. Spillover support came from the strong gains in the wheat and soybean oil markets. President Trump’s comments that China will not be sending weapons to Iran added support. But technical selling and a lack of fresh news pulled the market lower in the day session. Last week’s export sales were disappointing with sales at the bottom of the range of trade expectations and a marketing year low.
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 $11.6725 down 8.5 cents while Nov soybeans were at $11.564 down 1.25 cents. May soybean meal was unchanged at $331.80 and May soybean oil was at $68.16 up $1.07.
Soybean Weekly Comments April 17
Soybean Weekly Comments April 17
To start the week, soybeans saw gains early in the overnight session, then pulled back and traded around unchanged for the rest of the overnight session. The market fell lower throughout the day session and closed lower, with the front months seeing larger losses than the new crop contracts. Soybeans didn’t see the same push as wheat and corn overnight. Day session pressure came from reports China will be sending military hardware to Iran. In addition, the announced US blockade of the Strait will stop the flow of oil from Iran to China. This puts the May 15 meeting between Trump and Xi in jeopardy. Rains in the eastern Corn Belt that will likely slow down corn planting and may shift acres to soybeans added pressure. Last week’s export shipments were in the range of trade expectations.
In Tuesday’s session soybeans traded with small gains overnight but drifted lower in the day session and closed with small losses. Soybeans added to Monday’s losses as tensions are once again increasing between the US and China as China has gotten more involved in the Iran war. Pressure also came from an unexpected quick start to soybean planting. Monday’s crop progress report put soybean planting at 6% complete while traders only expected to see 2% planted. In South American news, CONAB increased their estimate of Brazil’s production by 1.3 MMT to 179.2 MMT (USDA is currently at 180.0 MMT).
Soybeans climbed higher throughout the overnight session and into Wednesday’s day session. The market faded a bit at the end of the session, but soybeans still closed with solid gains. Technical buying after the past two days’ losses supported soybeans. The March NOPA report was friendly. March crush was 226.2 MB, lower than the average trade estimate of 230.0 MB, but it shattered the prior March record of 194.6 MB and came within 1.4 MB of the all-time record set in Oct. 2025. Soybean oil stocks came in lower than expected. Gains were limited by rain throughout the Midwest that are slowing corn planting and could lead to more acres switching to soybeans. USDA put out a correction and lowered last week’s soybean export shipments by 3.0 MB to 26.9 MB.
Soybeans traded back and forth in Thursday’s choppy session and closed mixed with small losses in the front months and small gains in the new crop contracts. Spillover support came from the strong gains in the wheat and soybean oil markets. President Trump’s comments that China will not be sending weapons to Iran added support. But technical selling and a lack of fresh news pulled the market lower in the day session. Last week’s export sales were disappointing with sales at the bottom of the range of trade expectations and a marketing year low.
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 $11.6725 down 8.5 cents while Nov soybeans were at $11.564 down 1.25 cents. May soybean meal was unchanged at $331.80 and May soybean oil was at $68.16 up $1.07.