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Soybeans

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Soybean futures are currently 5 to 6 cents lower after coming back from double digit losses on Tuesday to post 1 to 2 cent gains. Weakness was still seen in soy meal, down $5.30/ton, with front month soy oil down 13 points. Soybean acreage is estimated at 89.4 million acres in 2018 by Informa, above the current USDA projection of 89 million acres. Soybean planting progress was at or above normal for most states on Sunday, with exceptions for MN, ND, SD, and WI. The NOPA soybean crush during April was 161.016 mbu. That was below last month and a slower per day pace, but slightly above trade estimates and 15.7% larger than last year. NOPA soy oil stocks were 2.092 billion pounds.

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