Soybeans posted gains on Monday, with most contracts up 9 ¼ to 19 ¾ cents. The cmdtyView national average Cash Bean price was up 17 3/4 cents at $11.54 1/2. Soymeal futures were $1.50 to $2.50 higher on the session, with Soy Oil futures 101 to 137 points higher on the day.
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. Emergence was at 13%, vs. 5% on average.
Monday morning’s Export Inspections report showed 450,145 MT (16.54 mbu) of soybeans shipped in the week of 4/30. That was 29.5% below last week but 34.1% above the same week last year. China was the largest destination of 200,896 MT, with 60,331 MT shipped to Indonesia and 47,012 MT to Mexico. The marketing year total is now 33.27 MMT (1.222 bbu) of soybeans shipped since September 1, which is 23.5% below the same period last year.
StoneX estimated the Brazilian soybean crop at 181.62 MMT, up 1.96 MMT from their previous projection.
May 26 Soybeans closed at $12.07 1/2, up 19 3/4 cents,
Nearby Cash was $11.54 1/4, up 17 3/4 cents,
Jul 26 Soybeans closed at $12.22 3/4, up 19 1/2 cents,
Nov 26 Soybeans closed at $11.96 3/4, up 14 cents,
New Crop Cash was $11.35 3/4, up 12 cents,
