As of April 19, 12% of the U.S. soybean crop has been planted, significantly above the five-year average of 5% and last year’s 7%, according to the weekly Crop Progress report from NASS. The cmdtyView national average cash bean price is $11.01 ¼, a decrease of ¾ cent. Soymeal futures declined by $2.40 to $6.70, while Soy Oil futures rose by 102 to 147 points.
In export inspections, 748,678 metric tons of soybeans were shipped for the week ending April 16, marking a 1.3% increase from the previous week and a 33.7% rise year-over-year. China was the leading destination, receiving 446,146 metric tons, followed by Egypt with 117,568 metric tons and Japan with 76,804 metric tons. Total marketing year shipments reached 32.17 MMT, a 24.7% drop compared to last year.
Brazil’s soybean harvest is estimated at 92% completed, with Safras & Mercado reporting a total crop size of 178.11 MMT, an increase of 0.39 MMT from prior estimates.
