Soybeans are trading with 4 to 7 cent losses early on Wednesday. Futures were 2 ¾ to 11 ¾ cents in the red on Tuesday, with the nearbys leading the charge. Open interest was up 9,873 contracts on Tuesday. There were 24 deliveries issued against May beans overnight. The cmdtyView national average Cash Bean price was down 11 1/4 cents at $11.43. Soymeal futures were down 50 cents to $1.30 on the session, with Soy Oil futures steady to 43 points higher on the day.
Crude oil is down $7.67 this morning following the US and Iran closing in on reaching a memorandum of understanding that would, among other things, allow for the safe passage through the Strait of Hormuz as well as a path to ending to conflict. Bean oil is down 150 points this morning.
The weekly Crop Progress report from NASS showed the US soybean crop at 33% planted by May 3, still well above the 23% average pace for this time of year. Planting progress by state showed just IA (-2%), MI (-12%), ND (-1%), and WI (-23%) were behind average pace. Emergence was at 13%, vs. 5% on average.
Census trade date was released for March this morning, with a total of 3.949 MMT (145.11 mbu) of soybeans shipped. That was up 12.89% from a year ago but down 5.87% from February. Meal exports were a March record at 1.882 MMT, with bean oil at 70,776 MT.
May 26 Soybeans closed at $11.95 3/4, down 11 3/4 cents, currently down 7 cents
Nearby Cash was $11.43, down 11 1/4 cents,
Jul 26 Soybeans closed at $12.11 1/2, down 11 1/4 cents, currently down 4 3/4 cents
Nov 26 Soybeans closed at $11.89 1/2, down 7 1/4 cents, currently down 6 cents
New Crop Cash was $11.27 1/4, down 7 1/2 cents,
