Soybeans closed the Tuesday session with front months down 1 to 4 ¼ cents in the front months and fractionally to 1 ¼ cents higher in the deferreds. The cmdtyView national average Cash Bean price was down 1 1/4 cents at $11.15. Soymeal futures were down $0.40 to $1.50 across the front months, with Soy Oil futures up 50 to 112 points in the front months.
Crush margins remain firm and are at new all time highs, at 3.67 ¾ using the CBoT formula. D4 RIN values are over $1.90/gallon, the highest since late 2022.
The weekly Crop Progress report from NASS showed the US soybean crop at 23% planted by April 26, well above the 12% average pace for this time of year. Of the major 18 states reported notable fast pace planting was shown in IL (+18% vs. average), IN (+27%), MN (+9%), NE (+11%), and OH (+12%). Slower than average pace was reported in just IA (-2% vs. average), MI (-2%), and WI (-1%). National level emergence was at 8%, vs. 1% on average.
Planting progress should continue over the next week with much of the area from the Dakotas through KS stretching over to much of IL looking with very scattered totals in NOAA’s 7-day QPF.
ANEC estimates the Brazilian soybean export total for April at 15.87 MMT, a 0.52 MMT reduction from their previous number.
May 26 Soybeans closed at $11.73, down 4 1/4 cents,
Nearby Cash was $11.15 1/1, down 1 1/4 cents,
Jul 26 Soybeans closed at $11.89 1/4, down 2 3/4 cents,
Nov 26 Soybeans closed at $11.67, up 1 1/4 cents,
New Crop Cash was $11.05 3/4, up 1 cent,
