Soybeans are trading with contracts up 2 to 5 cents in the green, well off the morning lows. The cmdtyView Cash Bean price is up 3 1/4 cents to $10.23 1/4. Soymeal futures are down $4.90 so far on the day, with Soy Oil futures rallying 170 points into the close. There were 100 delivery notices for May bean meal on Monday, with none issued for May bean oil.
Bean oil strength in coming following rumors of extending the 45Z tax credit through 2031, while excluding non-domestic feedstock outside of the US, Canada, and Mexico.
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Soybean planting was pegged at 48% complete as of Sunday per USDA, which is ahead of the 37% average pace and 34% from the same date last year. Of the 18 major states NASS reports, just KY and MI were lagging behind, by 1 percentage point. The crop was listed at 17% emerged, 6 percentage points faster than average.
May 25 Soybeans are at $10.71, up 5 cents,
Nearby Cash is at $10.23 1/4, up 3 1/4 cents,
Jul 25 Soybeans are at $10.74 1/4, up 3 cents,
Nov 25 Soybeans are at $10.59 1/2, up 2 cents,
New Crop Cash is at $9.96 1/2, up 2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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