Soybean futures climbed to $11.7 per bushel, approaching their highest level since mid-March, supported by a weaker dollar and the USDA’s latest monthly report. The agency’s April outlook featured higher crush but lower exports, leaving ending stocks unchanged. Soybean crush rose by 35 million bushels to a record 2.61 billion, marking the fifth straight yearly high, but this was fully offset by a 35-million-bushel cut in exports to 1.54 billion, as USDA cited stronger South American competition. As a result, ending stocks remained steady at 350 million bushels, closely matching market expectations of 349 million. The USDA kept South American production forecasts unchanged, with Brazilian output at 6.614 billion bushels and Argentine production at 1.764 billion bushels, defying expectations of slight adjustments. Global ending stocks dipped to 124.79 million metric tons (from 125.31 MMT in March), below the trade’s average estimate of 125.51 MMT.
