AgriCharts Market Commentary

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Soybeans

Soybean futures ended the day with losses of 7 to 8 3/4 cents, as nearby May was 2.42% lower on the week. Board crush margins expanded. Soy meal was up 80 cents/ton, with front month soy oil down 11 points. Managed money in soybean futures and options added another 16,751 contracts to their net long position in the week ending 4/17. The position was at 192,968 contracts on that date. China’s soybean production is estimated to rise 1.9% in 2018 to 15.2 MMT on larger acreage according to their Ag Ministry. AgRural estimates that the Brazil soybean harvest is 91% complete, compared to the average of 90%.

May 18 Soybeans closed at $10.28 3/4, down 8 1/2 cents,

Jul 18 Soybeans closed at $10.40 1/4, down 8 3/4 cents,

Aug 18 Soybeans closed at $10.42, down 8 1/2 cents,

Nov 18 Soybeans closed at $10.35, down 7 1/2 cents,

May 18 Soybean Meal closed at $374.10, up $0.80,

May 18 Soybean Oil closed at $31.30, down $0.11

Soybeans

Soybean futures are trading 5 to 8 cents lower in most contracts at midday. Soy meal is up $1.20/ton, with front month soy oil down 9 points. Total commitments for soybean exports are now within 2.6% of this time last year. They are 96% of the USDA export forecast, matching both last year and the five-year average. Weekly meal exports were shown at 274,291 MT, with soy oil totaling 50,785 MT. Argentina’s soybean crop is 39.6% harvested according to BAGE estimates, ahead of the average of 27.7%. China’s soybean production is estimated to rise 1.9% in 2018 to 15.2 MMT on larger acreage according to their Ag Ministry.

May 18 Soybeans are at $10.29 1/4, down 8 cents,

Jul 18 Soybeans are at $10.40 3/4, down 8 1/4 cents,

Aug 18 Soybeans are at $10.43, down 7 1/2 cents,

Sep 18 Soybeans are at $10.39, down 5 1/2 cents,

May 18 Soybean Meal is at $374.50, up $1.20

May 18 Soybean Oil is at $31.32, down $0.09

Soybeans

Soybean futures are currently 6 to 7 cents lower after ending Thursday with 2 to 4 1/2 cent losses. Soy meal was down $3.30/ton, with front month soy oil 2 points lower. Soybean shipments were fairly weak for the week that ended April 12 at a MY low 402,339 MT. That total only saw 9,623 MT to China. Total commitments for soybean exports are now within 2.6% of this time last year. They are 96% of the USDA export forecast, even with both last year and the five-year average. Exports of meal were shown at 274,291 MT, with soy oil totaling 50,785 MT. Argentina’s soybean crop is 39.6% harvested according to BAGE estimates, ahead of the average of 27.7%.

Soybeans

Soybean futures settled the day with 2 to 4 1/2 cent losses. Soy meal was down $3.30/ton, with front month soy oil 2 points lower. Export sales of old crop soybeans were reported at 1.041 MMT by the USDA this morning, on the low side of expectations. That was a 31.1% drop from the previous week, but is nearly 2.5 times larger than last year. Unknown destinations was the lead buyer of 581,000 MT, as China showed a net reduction of 52,900 MT. New crop sales were above expectations and at a MY high of 1.091 MMT in the week that ended April 12. Soybean shipments were still fairly weak at a MY low 402,339 MT. That total only saw 9,623 MT to China. Soy meal sales were seen at 164,916 MT, with 28,045 MT for soybean oil. Argentina’s soybean crop is 39.6% harvested according to BAGE estimates, ahead of the average of 27.7%.

May 18 Soybeans closed at $10.37 1/4, down 4 1/2 cents,

Jul 18 Soybeans closed at $10.49, down 4 1/4 cents,

Aug 18 Soybeans closed at $10.50 1/2, down 4 1/2 cents,

Nov 18 Soybeans closed at $10.42 1/2, down 3 1/4 cents,

May 18 Soybean Meal closed at $373.30, down $3.30,

May 18 Soybean Oil closed at $31.41, down $0.02

Soybeans

Soybean futures are 7 to 8 1/2 cents in the red at midday. Soy meal is down $3.50/ton, with front month soy oil 7 points lower. Export sales of old crop soybeans were reported at 1.041 MMT by the USDA this morning, on the low side of expectations. That was a 31.1% drop from the previous week, but is nearly 2.5 times larger than last year. Unknown destinations was the lead buyer of 581,000 MT, as China showed a net reduction of 52,900 MT. New crop sales were above expectations and at a MY high of 1.091 MMT in the week that ended April 12. Soy meal sales were seen at 164,916 MT, with 28,045 MT for soybean oil.

May 18 Soybeans are at $10.33 1/4, down 8 1/2 cents,

Jul 18 Soybeans are at $10.44 3/4, down 8 1/2 cents,

Aug 18 Soybeans are at $10.46 3/4, down 8 1/4 cents,

Sep 18 Soybeans are at $10.41 1/2, down 7 1/2 cents,

May 18 Soybean Meal is at $373.10, down $3.50

May 18 Soybean Oil is at $31.36, down $0.07


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