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May Soybeans finished down 10 1/4 at 1361 3/4, 11 3/4 off the high and 7 1/4 up from the low. July Soybeans closed down 8 at 1343 3/4. This was 7 1/4 up from the low and 9 1/4 off the high.
May Soymeal closed down 5.3 at 391.8. This was 1.5 up from the low and 5.8 off the high.
May Soybean Oil finished up 0.28 at 48.83, 0.15 off the high and 0.53 up from the low.
May soybeans traded up double digits on the day after the sharp slide in prices last week. May meal and oil traded stronger as well although May soybean meal failed to take out its high from last Friday. Export Inspections were seen as slightly supportive the market sentiment but fell below week ago levels which hints at a slowdown in this area of demand. Shipments for the week ending April 4th were pegged at 15.25 million bushels, down from 16.3 the week prior. Inspections needed each week to hit the USDA export estimate are pegged at 5.56 million bushels, down from 5.9 the week prior. The overall shipment pace continues to run at an explosive pace with cumulative shipments now at 91% of the USDA export estimate vs. the 5 year average of 80%. Basis remains firm in most interior processing markets as farmer sales have shut off while CIF values were mixed to steady on light demand. H7N9 infections reached 21 people over the weekend with the death toll at 6. Officials in China asked citizens to avoid contact with live poultry in an attempt to stem a more serious outbreak. Thoughts that the outbreak of the virus could dampen consumer demand in China limited the upside and Dalian meal markets traded sharply lower overnight.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.