Day: May 1, 2018

Soybean futures saw weakness into the close, with the nearby contracts 7 to 7 3/4 cents lower. Soy meal was down $1.10/ton, with front month soy oil 8 points in the red. The USDA reported a private export sale of 120,000 MT of soybeans for 18/19 to Argentina. Soybean export inspections during the week of 4/26 totaled 679,379 MT. That was 43.83% larger than the week prior and 22.53% above the same week last year. This afternoon’s Crop Progress report indicated that the US soybean crop was 5% planted on Sunday. That is even with the average but 4% lower than this time last year.

A deprecating currency and firmer premiums have pushed soybean farm prices in Mato Grosso above the total cost of production, which may see a further increase in forward selling.

US plantings have seen a substantial week-on-week increase as a spell of dry weather and warmer ground temperatures fired plantings across corn, spring wheat and soybeans,: USDA.