Soybeans closed on Tuesday, May 26, 2023, with front-month prices declining by 1 to 4 ¼ cents, while cash prices decreased 1 ¼ cents to $11.15. Soymeal futures fell between $0.40 and $1.50, but Soy Oil futures rose by 50 to 112 points. Crush margins hit an all-time high of 3.67 ¾, and D4 RIN values reached over $1.90/gallon, the highest since late 2022.
According to the USDA’s weekly Crop Progress report, 23% of the U.S. soybean crop was planted as of April 26, significantly surpassing the 12% average for this time of year. Notably, Illinois and Indiana showed faster planting rates, with increases of 18% and 27%, respectively. Nationally, emergence was reported at 8%, compared to a historical average of 1%.
The Brazilian soybean export total for April is estimated at 15.87 million metric tons (MMT), a decrease of 0.52 MMT from previous projections.
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