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The soybean market again held onto some gains heading into the Wednesday close, as contracts were up 1 to 5 ¼ cents in most contracts as May expired. The cmdtyView Cash Bean price was up 5 cents to $10.27 3/4. Soymeal futures were down $1.30/ton on the day, with Soy Oil futures 52 to 72 points higher.
USDA’s Export Sales report will be released on Thursday morning, with analysts surveyed by Reuters looking for 200,000 to 500,000 MT in 2024/25 bookings during the week of May 8. New crop business is estimated to show 350,000 to 500,000 MT. Soybean meal sales are expected to total 90,000 to 350,000 MT in that week, with bean oil seen 0 to 34,000 MT.
Indonesia is increasing their export tax on crude palm oil exports from 7.5% to 10% starting on May 17.
NOPA data will be released on Thursday morning, with traders looking for a total of 184.64 million bushels of soybeans crushed in April. That would be down 5.1% from a month ago but 9% above a year ago. Bean oil stocks are estimated to be reported at 1.412 billion lbs.
The Rosario Grains Exchange raised their estimate for the Argentina soybean crop by 3 MMT from their prior estimate to 48.5 MMT.
May 25 Soybeans closed at $10.67, down 1/4 cent,
Nearby Cash was $10.27 3/4, up 5 cents,
Jul 25 Soybeans closed at $10.77 3/4, up 5 1/4 cents,
Nov 25 Soybeans closed at $10.61 1/4, up 1 3/4 cents,
New Crop Cash was $9.98 1/4, up 2 cents,
