Domestic soy futures are 7 to 9 cents higher to begin the midweek session. Yesterday, soybean trading completed Turnaround Tuesday with gains of a penny to as much as 7 1/2 cents. Preliminary open interest rose 9,013 contracts. The national average soybean basis from cmdtyView is 22 1/4 cents under May futures. The national average bean basis last year was minus 44 cents. New crop basis is 50 cents under November, compared to -67 1/2 cents at this time in 2020. The products were mixed on Tuesday, as meal closed $5.40 to $6.90 in the red. BO futures ended the session with triple digit gains of at least 138 points. CME’s synthetic soy crush spread was 5 cents weaker at 63 cents/bu.
Analysts estimate the NOPA crush report will show between 165 mbu and 189.6 mbu of soybeans crushed in March. The average of estimates is to see a 179.2 mbu crush, which would be down from 181.37 mbu crushed in March 2020. The average estimate for BO stocks is 1.822b lbs.
Chinese Customs data showed March bean imports totaled 7.77 MMT, with +5 from U.S. March ’20 soy imports were 6.37 MMT.
May 21 Soybeans closed at $13.89 1/2, up 7 1/2 cents; and up 9 1/2 this morning,
Jul 21 Soybeans closed at $13.84 3/4, up 5 3/4 cents; and up 7 3/4 this morning
Nearby Cash was $13.67 ¼ yesterday, up 8 cents,
Nov 21 Soybeans closed at $12.51 1/4, up 1 cent; and up 8 3/4 this morning
New Crop Cash was $12.01 1/3 on Monday, up 1 cents,
