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May Soybeans finished up 19 at 1463 1/2, 1/2 off the high and 18 1/2 up from the low. July Soybeans closed up 13 at 1382 1/4. This was 14 3/4 up from the low and 1 3/4 off the high.
July Soymeal closed up 2.1 at 403.3. This was 2.6 up from the low and 2.6 off the high.
July Soybean Oil finished up 0.38 at 49.14, 0.06 off the high and 0.55 up from the low.
The soybean complex traded higher throughout the session led mostly by gains in the May/July spread as it continues to be well supported, along with the July/November; due to the firm US cash markets and steady crush demand. Some processors are expected to take some downtime in May but domestic crush margins remain rather healthy given the firm meal basis which is helping to offset the explosive input costs from the soybean basis. Soybean and meal shipments are beginning to pick up in Argentina and Brazil but the pace will need to improve to satisfy world demand. Argentina meal shipments for April were estimated at 2.1 million tonnes, nearly unchanged from year ago levels. The cumulative shipment pace so far this marketing year is slightly lagging year ago levels. Fears that Argentina and Brazilian farmers will be tight fisted with remaining old crop soybean supplies, given falling prices, is seen as a supportive influence going forward. However some believe this may translate to a firmer cash market in South America rather than in the futures market, much like the US.
*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.