Soybeans

Soybean futures are mostly 2 to 3 cents higher this morning. They closed the Friday session with 4 to 6 3/4 cent losses on pre-weekend profit taking. Nearby May was up 1.68% last week. Soy meal was down 60 cents/ton, with front month soy oil down 15 points. Analysts are expecting that today’s NOPA report will show 168.3 mbu of soybeans crushed by its members during March. That would be nearly 10% larger than last year, as soy oil stocks are estimated at 1.971 billion pounds. Chinese soybean imports totaled 5.66 MMT in March according to customs data, up 4.5% from February but down 10% from last year. First quarter imports were only about 2/10th of a percent above year ago. Argentina’s soybean harvest is estimated at 28% complete, ahead of the average according to the country’s Ag ministry. Brazil’s soybean harvest is estimated at 87% complete, slightly ahead of the average pace.




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