Soybean futures saw gains of 13 to 17 cents in most front months.

Soy meal led the way, up $14/ton, with front month soy oil down 38 points. Managed money in soybean futures and options trimmed their net long position by 22,874 contracts to 170,094 contracts in the week that ended 4/24. Canola acreage in Canada is seen at 21.383 million acres in 2018, a 7% drop from a year ago and well below most expectations. Stats Canada soybean acreage intentions were reported at 6.452 million acres, down 11.41% from 2017. BAGE estimates that the Argentine soybean crop is 54% harvested, compared to the average of 43.4%. Recent production estimates have been around 38 MMT, with crushers drawing down stocks and importing soybeans in an attempt to maintain soybean meal exports at typical May levels.