Soybean prices are experiencing a decline as of midday Friday, with contracts down 14 to 15 cents and the cmdtyView national average cash bean price at $11.09 1/4, reflecting a drop of 19 cents. Soymeal futures have risen by 70 cents to $1.70, while soybean oil futures are steady. There were 41 delivery notices for May soybeans, with additional deliveries of 1 for soybean meal and 8 for bean oil reported overnight.
In a recent meeting between President Trump and China’s President Xi, Trump announced that China is set to purchase billions of dollars worth of soybeans. Meanwhile, the USDA reported a private export sale of 155,000 MT of soybean meal to Italy. The April NOPA crush report revealed 211.86 million bushels of soybeans crushed, a decline of 6.33% from March but still a record for April, and soybean oil stocks decreased by 4.5% from the end of March to 1.947 billion lbs, which is still 27.49% larger year-over-year.
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