Beans Drop Despite Record Crush

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Bean futures fell anywhere from 5 ½ to 15 ¾ cents on Monday, as the front months felt the brunt of the impact. May was down 15 ¾, with November 9 cents in the red. Soymeal futures were back down $5.90 in the May, with other front months $3.50 to $4.50 lower.  Soy Oil couldn’t hold together the firm midday action and slipped 34 to 44 points on the day.

The weekly Export Inspections report from USDA tallied 432,905 MT of soybeans shipped during the week that ended on April 11. That was a 12% decline from the week prior and down 18.4% from the same week in 2023. Nearly half of that was to China, at 199,826 MT, and 99,217 MT to Indonesia. The shipments for the marketing year have now totaled 38.039 MMT (1.398 bbu) and is an 18.5% drop from the same period in 22/23.

Monthly NOPA data showed March crush among its members at 196.4 mbu. That was an all-time record for any month and is 5.7% larger than the March number from 2023 but was more than 1 million bushel shy of the average trade estimate. Soybean oil sales were up 9.5% from February at 1.85 billion lbs, which was just below the March 2023 total. 

USDA’s Crop Progress report indicated 3% of the US soybean crop was planted as of April 14, even with last year’s pace and 2% above the 5-year average. 

May 24 Soybeans  closed at $11.58 1/4, down 15 3/4 cents,

Nearby Cash   was $11.04 1/4, down 15 5/8 cents,

Jul 24 Soybeans  closed at $11.72, down 14 3/4 cents,

Nov 24 Soybeans  closed at $11.67 1/4, down 9 cents,

New Crop Cash   was $11.04 3/4, down 9 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.