As of Monday, soybean contracts have increased by 12 to 20 cents, with the cmdtyView national average cash bean price rising 17.75 cents to $11.54. Soymeal futures are up $1.50 to $2.40, while soy oil futures are up by 100 to 105 points. Additionally, 309 deliveries were issued against May soybeans, with 29 for May bean oil.
In the week ending April 30, U.S. export inspections reported a shipment of 450,145 MT (16.54 million bushels) of soybeans, a 29.5% decrease from the previous week but 34.1% higher than the same week last year. China was the main destination, receiving 200,896 MT, followed by Indonesia with 60,331 MT and Mexico with 47,012 MT. Year-to-date shipments total 33.27 MMT (1.222 billion bushels), down 23.5% from the prior year.
The USDA’s latest report indicated March soybean crush at 227.36 million bushels, below the estimated 231.1 million, but 6.15% higher than February and 9.98% over the same month last year. Current U.S. soybean oil stocks are 2.456 billion pounds, with StoneX estimating the Brazilian soybean crop at 181.62 MMT, an increase of 1.96 MMT from previous projections.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
