Soybean futures gained 1 to 3 cents on Tuesday after closing down 5 to 13 ¾ cents on Monday, with open interest decreasing by 5,830 contracts. The national average cash price for soybeans fell 13 ½ cents to $10.95 ¾. As of Sunday, 6% of the U.S. soybean crop is now planted, significantly higher than 2% last year and the 5-year average.
In export data, 814,562 metric tons of soybeans were shipped during the week of April 9, which is 1.2% higher than the previous week and 46.8% larger than the same week last year. China was the largest destination, receiving 345,815 metric tons. Cumulative shipments for the marketing year reached 31.51 million metric tons, down 25.2% from the same period last year.
On the global stage, Brazil’s soybean crop is estimated at 179.15 million metric tons, marking a 1.3 million metric ton increase from March figures. China’s soybean imports for March reached 4.02 million metric tons, up 14.9% year-over-year.
