Soybeans closed with contracts 1 ¼ to 4 ¾ cents higher on the Monday session despite showing double digit gains earlier in the day. Soymeal was in rally mode, as contracts were up $6.40 to $9.60/ton. Soy Oil is crept lower, with contracts down 88 to 117 points. A Wynnewood, OK refinery caught fire over the weekend. The fire was extinguished, though there is no known damage reported at this time

The weekly Monday morning Export Inspections report showed just 250,332 MT of soybeans shipped in the week that ended on April 25. That was a 41.9% drop from the previous week and down 38.6% from the same week in 2023. The lead buyer was Japan at 84,142 MT, with 77,696 MT headed to Indonesia, as just 9,257 MT head on its way to China. Cumulative export shipments this marketing year have been 38.748 MMT (1.424 bbu), which is 18.4% below last year during the same period.

Producers were busy getting the crop in the ground last week with 18% of the US soybean acres planted on 4/28, a 10% move on the week. The average planting pace for the week over the last 5 years is 10%

May 24 Soybeans  closed at $11.60 3/4, up 1 1/4 cents,

Nearby Cash  was $11.13 1/4, up 4 5/8 cents,

Jul 24 Soybeans  closed at $11.82, up 4 3/4 cents,

Nov 24 Soybeans  closed at $11.78, up 3 1/4 cents,

New Crop Cash  was $11.14 1/1, up 3 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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