The soybean market is trading with mixed trade on Wednesday morning, July is up 1 ¾ cents and November is down a penny. Soybeans saw contracts pulling well off their lows on Tuesday, with contracts up 1 to 2 cents in the nearbys. Preliminary open interest was up 3,023 contracts. There were 2 delivery notices for May soybeans overnight, with 53 for soybean meal and 317 issued for May soybean oil. The cmdtyView Cash Bean price was up 1 3/4 cents to $10.22 3/4. Soymeal futures were down $3.80 to $5.20 so far on the day, with Soy Oil futures rallying 116 to 161 points into the close.
Bean oil strength in coming following a proposed House bill that would extend the 45Z tax credit through 2031, while excluding non-domestic feedstock outside of the US, Canada, and Mexico.
Soybean planting was pegged at 48% complete as of Sunday per USDA, ahead of the 37% average pace and 34% from the same date last year. Of the 18 major states NASS reports, just KY and MI were lagging behind, by 1 percentage point. The crop was listed at 17% emerged, 6 percentage points faster than average.
ANEC estimates the Brazilian export total for May at 14.27 MMT, a jump of 1.67 MMT from the previous estimates.
May 25 Soybeans closed at $10.67 1/4, up 1 1/4 cents, currently up 3/4 cent
Nearby Cash was $10.22 3/4, up 1 3/4 cents,
Jul 25 Soybeans closed at $10.72 1/2, up 1 1/4 cents, currently up 1 3/4 cents
Nov 25 Soybeans closed at $10.59 1/2, up 2 cents, currently down 1 cent
New Crop Cash was $9.96 1/4, up 1 3/4 cents,
