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May Soybeans finished down 2 1/4 at 1428 1/4, 12 3/4 off the high and 6 1/4 up from the low. July Soybeans closed down 7 1/2 at 1382 1/2. This was 2 1/2 up from the low and 18 off the high.
May Soymeal closed up 1.4 at 412.4. This was 3.9 up from the low and 2.5 off the high.
May Soybean Oil finished down 0.5 at 49.16, 0.73 off the high and 0.2 up from the low.
May soybeans traded lower on the day but the November contract was the leader to the downside as traders anticipate corn acreage to be switched over to soybeans this spring. The cool and wet conditions in the Northern Plains have delayed planting progress and some expect the switch to be made if the weather patterns continue to keep farmers out of the fields. The July/November calendar spread traded higher on the day but saw a modest amount of pressure as traders took profits ahead of the weekend. Cash markets in the US remain firm with CIF and FOB basis values strong due to some locks on the Mississippi being closed this weekend because of flooding. Chinese soybean import data for March came in at 3.84 million tonnes, down from about 4.5 million that were expected. Many traders still believe that Chinese import demand is overstated at 61 million tonnes according to the USDA, that's down from 63 million tonnes in March. Many in the trade have penciled in demand near 58 million tonnes.
*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.