At the close for the first trade day of the week, soybean futures were 10 1/2 to 21 cents lower. Old crop futures were down the most, tightening the old/new crop inverse to $1.31 3/4. Soymeal prices came back from midday weakness and closed 60 to 70 cents in the black. BO futures ended the session with triple digit losses of at least 135 points nearby.
USDA’s Ag Attaché further reduced their forecast for Malaysian palm oil, by 100k MT to 19.5 MMT. USDA’s official forecast is 19.6 MMT. For next marketing year, the Ag Attaché sees production of 17.35 MMT, a 17.5 MMT export program and 3.59 MMT carryout. Malaysian Palm Prices set new highs on Friday of 4,370 ringgits.
Brazilian officials temporarily reduced their biodiesel blend requirement. The move came following global veg oils’ rally, and allows for B10 diesel during May and June of 2021. Otherwise biodiesel requires a 13% blend.
USDA announced two large export sales this morning, as private exporters sold 132,000 MT of old crop to China. Bangladesh also purchased 110,000 MT of soybeans, split 50/50 old and new crop. The weekly Export Inspections report showed 327,799 MT of soybeans were shipped during the week that ended 4/8. After adding 86k MT to past reports, accumulated exports sit at 54.8 MMT (~ 2.014 bbu).
May 21 Soybeans closed at $13.82, down 21 cents,
Jul 21 Soybeans closed at $13.79, down 19 1/4 cents,
Nearby Cash was $13.59 1/3, down 20 1/8 cents,
Nov 21 Soybeans closed at $12.50 1/4, down 13 cents,
New Crop Cash was $12.00 1/4, down 12 7/8 cents,
