Front month soybean futures are up 32 1/4 to 44 1/4 cents at midday. Old crop futures are stronger than new crop, which has not been unusual this spring.  

The weekly Export Sales report showed 64,299 MT of old crop soybean sales for the week ending 4/15. That included about 78k MT of new sales and 51k MT of cancelations from China. China’s outstanding book is now just 714k MT, as 34.93 MMT (98%) of their MY commitments had been shipped through 4/15. For new crop, USDA reported 315,263 MT sold. That was in the middle of the range of pre report estimates. 

Soymeal prices are trading $10.60 to $11.40 in the black at midday. Soybean oil futures are up 180 to 250 points, as May is sitting at a limit gain so far. The gain in May took out the 2011 high – BO is now at the highest price since ‘08.

The weekly Export Sales data release showed 124,308 MT of meal booked on the week ending 4/15. That was within the range of estimates. Mexico was the top buyer on the week, and the Philippines was the top destination for the 202,013 total MT of meal shipments with 51,500 MT. Accumulated soymeal exports are now 7.12 MMT through 4/15. For soy oil, USDA 5,675 MT booked, which was the low end of expectations. BO shipments were a 3-wk high 9,896 MT bringing the MYTD total to 557,152 MT.  

May 21 Soybeans  are at $15.37 3/4, up 40 1/2 cents,

Jul 21 Soybeans  are at $15.19 1/4, up 39 3/4 cents,

Nearby Cash is at $15.20 1/3, up 40 7/8 cents,

Nov 21 Soybeans  are at $13.41 1/2, up 31 1/4 cents,

New Crop Cash is at $12.91 6/7, up 30 3/8 cents,