To start the week soybeans traded mostly lower in a choppy session and closed with small losses in the front months and small gains in the new crop contracts. Losses were limited by the sharply higher soybean oil market. Technical buying helped the new crop contracts get on the positive side. Last week’s export shipments were at the high end of the range of trade expectations. Marketing year to date shipments are running 25% behind last year’s pace. China expects to import 105.0 MMT of soybeans in 2026, down 6% from 2025. China’s goal is to reduce soybean imports down to 82.6 MMT by 2035.
In Tuesday’s session soybeans were briefly lower at the start of the overnight session but then turned higher and added to the gains to close with solid gains. Support came from the sharply higher soybean oil market as that market hit new multi-year highs on increasing biofuel demand. Monday’s crop progress report estimated nationwide soybean planting at 12% complete vs. 5% average. The faster pace is due to a few states with sharply higher than average progress. IL is at 20% complete vs. 7% average, IN is 19% complete vs. 3% average, MS is 55% complete vs. 23% average, and TN is 50% complete vs. 9% average. Dr Cordonnier left his South American production estimates unchanged with Brazil at 179.0 MMT (USDA is at 180.0 MMT) and Argentina at 48.0 MMT (same as USDA).
Soybeans were higher overnight and early into Wednesday’s day session but fell lower throughout the second half of the day session and closed with double-digit losses. Overnight gains spilled over from the higher crude oil and soybean oil markets. But day session pressure came from profit taking and the losses in the soybean oil market. Brazil’s currency is at a 2 year high vs. the US dollar. Rain over the next 7 to 10 days will likely slow planting in parts of the Northern Plains and Corn Belt.
Soybeans traded on both sides of unchanged in a fairly narrow range on Thursday and closed with minor losses. It was a quiet day in the soybean complex without much news to move the market in either direction. Brazil is looking at fast-tracking testing of increasing biodiesel blends up to 20% due to higher crude prices. The US trade rep said the US would like to see overall ag agreements (not just soybeans) made with China when Trump and Xi meet next month. Argentina’s soybean harvest is estimated at 10% complete vs. 26% for the 5-year average. Last week’s export sales were in the range of trade estimates and a 4-week high.
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 $11.6375 down 3.5 cents while Nov soybeans were at $11.5575 down 0.75 cent. May soybean meal was at $324.30 down $7.50 and May soybean oil was at $71.91 up $3.75.
Soybean Weekly Comments April 24
Soybean Weekly Comments April 24
To start the week soybeans traded mostly lower in a choppy session and closed with small losses in the front months and small gains in the new crop contracts. Losses were limited by the sharply higher soybean oil market. Technical buying helped the new crop contracts get on the positive side. Last week’s export shipments were at the high end of the range of trade expectations. Marketing year to date shipments are running 25% behind last year’s pace. China expects to import 105.0 MMT of soybeans in 2026, down 6% from 2025. China’s goal is to reduce soybean imports down to 82.6 MMT by 2035.
In Tuesday’s session soybeans were briefly lower at the start of the overnight session but then turned higher and added to the gains to close with solid gains. Support came from the sharply higher soybean oil market as that market hit new multi-year highs on increasing biofuel demand. Monday’s crop progress report estimated nationwide soybean planting at 12% complete vs. 5% average. The faster pace is due to a few states with sharply higher than average progress. IL is at 20% complete vs. 7% average, IN is 19% complete vs. 3% average, MS is 55% complete vs. 23% average, and TN is 50% complete vs. 9% average. Dr Cordonnier left his South American production estimates unchanged with Brazil at 179.0 MMT (USDA is at 180.0 MMT) and Argentina at 48.0 MMT (same as USDA).
Soybeans were higher overnight and early into Wednesday’s day session but fell lower throughout the second half of the day session and closed with double-digit losses. Overnight gains spilled over from the higher crude oil and soybean oil markets. But day session pressure came from profit taking and the losses in the soybean oil market. Brazil’s currency is at a 2 year high vs. the US dollar. Rain over the next 7 to 10 days will likely slow planting in parts of the Northern Plains and Corn Belt.
Soybeans traded on both sides of unchanged in a fairly narrow range on Thursday and closed with minor losses. It was a quiet day in the soybean complex without much news to move the market in either direction. Brazil is looking at fast-tracking testing of increasing biodiesel blends up to 20% due to higher crude prices. The US trade rep said the US would like to see overall ag agreements (not just soybeans) made with China when Trump and Xi meet next month. Argentina’s soybean harvest is estimated at 10% complete vs. 26% for the 5-year average. Last week’s export sales were in the range of trade estimates and a 4-week high.
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 $11.6375 down 3.5 cents while Nov soybeans were at $11.5575 down 0.75 cent. May soybean meal was at $324.30 down $7.50 and May soybean oil was at $71.91 up $3.75.