Soybean futures were down 9 to 12 1/4 cents to start the week, despite an impressive NOPA report. Soy meal was down $5/ton, with front month soy oil 30 points lower. This morning’s Export Inspections report indicated that 444,987 MT of soybeans were shipped for the week that ended on April 12. That was 16.74% larger than the previous week but 2.11% slower than a year ago for this week. The monthly NOPA report showed the group’s members crushing a record 171.858 mbu of soybeans during March. That was well above the average trade guess, as it was 11.8% larger than February and 12.28% above March 2017. Beating February is easy with 3 more processing days, but the year/year is impressive! Soy oil stocks grew by almost 4.87% from last month at 1.946 billion pounds, but were below expectations. Safras & Mercado updated their soybean production estimate for Brazil to 119.2 MMT.

May 18 Soybeans closed at $10.42, down 12 1/4 cents,

Jul 18 Soybeans closed at $10.53 1/4, down 11 3/4 cents,

Aug 18 Soybeans closed at $10.53 1/2, down 11 cents,

Nov 18 Soybeans closed at $10.40 1/4, down 9 1/4 cents,

May 18 Soybean Meal closed at $377.80, down $5.00,

May 18 Soybean Oil closed at $31.18, down $0.30

Market Commentary provided by:

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