Soybeans are working fractionally mixed in the old crop futures, and 2 to 3 ¾ cents higher in the new crop futures through Tuesday’s midday. Soy Oil futures are again leading the way with another 1.5% gain through Tuesday so far. Soymeal prices are trading another $2.30 to $2.70 lower following the losses to start the week yesterday. 

USDA’s FGIS reported 414,484 MT of soybeans were exported during the week that ended 3/28. That was under the 785k MT reported last week and the 504k MT from the same week last year. Bean shipments are now 18.7% behind last year’s pace with 36.98 MMT exported.  

StoneX lowered their estimate for Brazilian soybean production via lower yields in MGDS, Sao Paulo, and Parana. The new output is set at 150.8 MMT. 

US soybean crush for February was slightly disappointing at 194 million bushels when USDA released the official Fats & Oils totals on Monday afternoon. With half the marketing year completed, crush was up 5.5% from 2023/24, at 1.170 billion bushels.  Bean oil used for biofuels in January was the smallest in 9 months, but the YTD pace was still up 15% from the previous year.

May 24 Soybeans  are at $11.83 3/4, down 2 cents,

Nearby Cash   is at $11.29 3/4, down 1 7/8 cents,

Jul 24 Soybeans  are at $11.97 1/2, down 2 cents,

Nov 24 Soybeans  are at $11.83 3/4, up 1 1/4 cents,