Front month soy futures are in the black at midday. Beans are up double digits with gains of 9 1/2 to 18 3/4 cents. Old crop futures are slightly stronger than new crop. Soymeal futures are up $1.60 to $2.10/ton at midday. BO futures are 87 to 111 points in the black, once again leading the complex.
French Oilseed Growers Group (FOP) estimated between 40-50k HA of canola was damaged during the recent cold. In Brazil, CONAB reported soybean harvest had progressed 6 percentage points to 85% complete as of 4/10.
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.
Ahead of the weekly Export Sales report, traders are looking for soybean bookings to come in between net cancelations of 100,000 MT to net purchases of 200k MT. New crop bookings are anticipated to be below 500k MT.
May 21 Soybeans are at $14.08 1/2, up 19 cents,
Jul 21 Soybeans are at $14.01, up 16 1/4 cents,
Nearby Cash is at $13.86 3/5, up 19 1/4 cents,
Nov 21 Soybeans are at $12.63 1/2, up 12 1/4 cents,
New Crop Cash is at $12.13 1/2, up 12 1/8 cents,
