AgriCharts Market Commentary

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Soybeans

April 26, 2017

Soybean futures are trading 6 to 8 cents lower in the front months. Soymeal is down $2.90 in the front month, with May 17 Soy oil20 points higher. Expected weather delays for this week in corn planting may cause soybean acreage to rise higher than first thought. As of Tuesday night, DTN reported the average soybean cash price at $8.85, which is 49.25 cents lower than last year at this time. The national average basis at -69.50 cents is 4 cents behind last year. According to reports from China, the country is planning to cut their value added tax down from 13% to 11% for agricultural products, starting July 1. This is in effort to help lower the importing costs of soybeans.

May 17 Soybeans are at $9.48 1/2, down 6 cents,

Jul 17 Soybeans are at $9.59, down 6 cents,

Aug 17 Soybeans are at $9.60 3/4, down 6 1/4 cents,

Sep 17 Soybeans are at $9.57 1/4, down 6 3/4 cents,

May 17 Soybean Meal is at $310.60, down $2.90

May 17 Soybean Oil is at $31.78, up $0.20

Soybeans

April 26, 2017

Soybean futures are trading steady to 4 cents lower this morning, with the weakness in the back months. They settled mostly 5 1/4 to 6 3/4 cents in the red on Turnaround Tuesday. Soymeal was down $2.90 in the front month, with May 17 Soy oil11 points lower. If there are serious delays in US corn planting, soybean acreage would be assumed to increase. Brazil’s soybean acres are 93% harvested, according to estimates from analysts from Safras. China imported 6.326 MMT of soybeans during March, according to the country’s customs data. That is a 3.7% jump over March 2016. First quarter imports were 20% larger than last year at 19.52 MMT. Soy oil imports were up 71% vs. March 16, but down slightly from February.

Soybeans

April 25, 2017

Soybean futures settled mostly 5 1/4 to 6 3/4 cents in the red on Turnaround Tuesday. Soymeal was down $2.90 in the front month, with May 17 Soy oil11 points lower. Landed prices at Rotterdam are currently similar for US and Brazilian origin. If there are serious delays in US corn planting, soybean acreage would be assumed to increase. Brazil’s soybean acres are 93% harvested, according to estimates from analysts from Safras y Mercado. China imported 6.326 MMT of soybeans during March, according to the country’s customs data. That is a 3.7% jump over March 2016.

May 17 Soybeans settled at $9.54 1/2, down 6 3/4 cents,

Jul 17 Soybeans settled at $9.65, down 6 3/4 cents,

Aug 17 Soybeans settled at $9.67, down 6 1/4 cents,

Sep 17 Soybeans settled at $9.64, down 5 3/4 cents,

May 17 Soybean Meal settled at $313.50, down $2.90,

May 17 Soybean Oil settled at $31.58, down $0.11

Soybeans

April 25, 2017

Soybean futures are 4 to 5 1/4 cents lower at midday. Soymeal is down 80 cents in the front month, with May 17 Soy oil28 points lower. The first Crop Progress report to include soybean planting progress, had soybeans 6% already planted. That is compared to 3% the same time last year. Landed prices at Rotterdam are currently similar for US and Brazilian origin. Brazil’s soybean acres are 93% harvested, according to estimates from analysts from Safras Mercado. China imported 6.326 MMT of soybeans during March, according to the country’s customs data. That is a 3.7% jump over March 2016.

May 17 Soybeans are at $9.56 1/4, down 5 cents,

Jul 17 Soybeans are at $9.66 1/2, down 5 1/4 cents,

Aug 17 Soybeans are at $9.68 1/4, down 5 cents,

Sep 17 Soybeans are at $9.65 1/4, down 4 1/2 cents,

May 17 Soybean Meal is at $315.60, down $0.80

May 17 Soybean Oil is at $31.41, down $0.28

Soybeans

April 25, 2017

Soybean futures are currently 4 1/4 to 5 cents lower on Turnaround Tuesday profit taking. They closed 9 1/2 to 11 1/4 cents higher on Monday, with most back months up 7 1/2 cents. Soymeal gained $6.80 in the front month, with May 17 Soy oil down 25 points. A weaker US dollar was an influence. The first Crop Progress report to include soybean planting progress, had soybeans 6% already planted. That is compared to 3% the same time last year. In the weekly Export Inspections report, the USDA announced 634,877 MT of soybeans were shipped during the week ending April 20. That is a 42.45% jump from last week and 124.53% larger than a year ago. Total exports for the 16/17 marketing year are now 232.6 million bushels above this point last year, the largest lead they have had thus far this year. Landed prices at Rotterdam are currently similar for US and Brazilian origin.


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