May Soybeans closed 20 ½ cents higher ($14.10), July 17 ½ cents higher ($14.02 ¼) & Nov 12 ¾ cents higher (12.64)
May Soybean Meal closed $3.2 higher ($398.2), July $3.0 higher ($403.0) & Dec $3.9 higher ($391.6)
May Soybean Oil closed 121 pts higher ($54.24), July 107 pts higher ($52.22) & Dec 47 pts higher ($47.15)
Weekly Soybean Export Sales – old crop vs. -100 +200 K T. expected – new crop vs. 0-500 K T. expected
Weekly Soybean Meal Export Sales – old crop vs. 75-250 K T. expected – new crop vs. 0-50 K T. expected
Weekly Soybean Oil Export Sales – old crop vs. 5-30 K T. expected – new crop vs. none expected
Soybean oil keeps rallying on renewable diesel demand. Soybean meal tries to get off of its can – at least it did not give back all of its intra-day gains. Interesting to note interior cash meal basis has moved from steady to weak to steady to firm. Unfortunately the export market for meal still is slack looking. Soybeans continue to move higher from strong processor demand and slow producer selling – not sure the producer has many beans left to sell. New crop gets some help from the cold temps across the Midwest inhibiting planting. Going forward the tightness in old crop soybeans should keep a bid under the bull spreads. For what it is worth it looks like the old crop/new crop spreads are done with their recent corrections. I’m thinking the old crop/new crop spreads could get wild again.
Daily Support & Resistance – 04/15
July Beans : $13.91 – 14.15
July Meal: $398.5 – $407.0 ($410.0)
July Bean Oil: $51.25 – $53.50
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