Soybean futures are showing 5 to 6 3/4 cent losses at midday on pre-weekend profit taking. Soy meal is down $1.20/ton, with front month soy oil down 4 points. Total commitments of soybean exports are now 3.8% lower than this time last year. The larger sale totals in recent weeks have allowed commitments to get a lot closer to the USDA projection. They are now 94% of that full year number vs. the average of 96% for this date and last year’s 95%. Chinese imports of soybeans totaled 5.66 MMT in March according to customs data, up 4.5% from February but down 10% from last year. First quarter imports were only about 2/10th of a percent above year ago. Argentina’s soybean harvest is estimated at 28% complete, ahead of the average according to the country’s Ag ministry.

May 18 Soybeans are at $10.54, down 6 3/4 cents,

Jul 18 Soybeans are at $10.65, down 6 3/4 cents,

Aug 18 Soybeans are at $10.64 1/2, down 6 cents,

Sep 18 Soybeans are at $10.55 1/2, down 5 cents,

May 18 Soybean Meal is at $382.20, down $1.20

May 18 Soybean Oil is at $31.59, down $0.04

Market Commentary provided by:

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