Soybean futures are down 15 to 18 cents at midday, as trader are taking money off the table going into the weekend. Soy meal is $6.10/ton lower, with front month soy oil 2 points in the red. Aggressive farmer selling in Brazil has been reported, with strong domestic prices recently. Total US export commitments for soybeans are 98% of the USDA export projection, which was left UNCH on Thursday. That is even with the average for this week. Thursday morning’s Supply and Demand report from the USDA saw a 20 mbu increase to the US soybean crush number, which reduced ending stocks. Canola stocks in Canada at the end of March rose 14.4% from last year to 9.077 MMT, the second largest March total recorded. Abiove updated their 17/18 Brazil production estimate to 118.4 MMT this morning, exceeding the USDA’s recently updated 117 MMT.

May 18 Soybeans are at $9.95 1/4, down 18 cents,

Jul 18 Soybeans are at $10.05, down 16 1/4 cents,

Aug 18 Soybeans are at $10.09, down 15 3/4 cents,

Sep 18 Soybeans are at $10.11 3/4, down 15 1/2 cents,

May 18 Soybean Meal is at $384.40, down $6.10

May 18 Soybean Oil is at $30.96, down $0.02

Market Commentary provided by:

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