Soybean Morning Update & Commentary: Soybeans and bean spreads firmer heading into the day.
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">Overnight grain markets traded two-sided with a firmer bias heading into the morning break. The bull spreads in corn and beans are bouncing which is supportive of their flat price gains. July beans identified support overnight in a test of the 100 dma and are currently trading 3 cents higher with a possible outside day up. <br><br>In the product trade, oil and meal are slightly firmer to start the day with the oil share spread trading steady. Board crush margins are a touch easier this morning. <br> <br>In the news:<br><ul class=\"decimal_type\"><li>The Trump admin is leveraging global tariff talks to pressure trading partners into limiting economic ties with China, according to the WSJ. The strategy, led by Treasury Secretary Bessent, is aimed at undercutting Beijing’s global influence by requiring countries to choose between deeper access to the U.S. market or continued engagement with China. Bessent’s plan calls for over 70 nations to: Block Chinese companies from setting up operations to bypass U.S. tariffs; prevent transshipment of Chinese goods through their territories; and avoid absorbing cheap Chinese industrial output into their economies.</li><li>China unexpectedly appointed a new trade negotiator key in any talks to resolve the escalating tariff war with the U.S. replacing trade tsar Wang Shouwen with its envoy to the World Trade Organization.</li><li>Trade sources Wednesday reported Iran is seeking 120,000 mt of Soymeal in a tender to close on April 21st. The grain is for shipment in June and/or July. Sources accepted include Argentina or Brazil.</li><li>Brazil soy exports in April are projected to reach 14.5 mmt vs. 13.3 mmt seen in previous week, according to Anec. Meal exports 2.4 mmt vs. 2.3 mmt.</li><li>As of April 13, accumulated 24/25 MY EU Soybean imports totaled 10.9 mln mt (last report 10.3 mln mt), that compares to the year earlier week's 10.1 mln mt</li><li>As of April 13, accumulated 24/25 MY EU Rapeseed imports totaled 5.3 mln mt (last report 5.2 mln mt), that compares to the year earlier week's 4.6 mln mt</li><li>As of April 13, accumulated 24/25 MY EU Soymeal imports totaled 14.8 mln mt (last report 14.4 mln mt), that compares to the year earlier week's 11.7 mln mt</li><li>Media reports Tuesday suggest two more Iowa biodiesel plants have been idled over concerns about the unfinalized 45Z tax credits federal policies. The report estimates five Iowa plants are now offline, roughly a third of the state's capacity.</li><li>Tuesday's NOPA March 2025 US Soybean Crush: 194.55 million bushels; expected 197.6 mln bu.; prior month 177.87 mln bu</li><li>Tuesday's NOPA March 2025 US Soyoil Stocks: 1.498 billion lbs; expected 1.62 bln lbs; prior month 1.503 billion lbs</li><li>China's state run COFCO is reportedly hiring sizable numbers of workers in Brazil. Positions are being offered in sales, trading, operations and administration. The reported increase to hiring is in large part the importance of Brazil's agriculture export markets to China, and the trade war brought on with US tariffs on imported Chinese goods.</li><li>Euronext Paris May rapeseed futures on Wednesday are trading +1.00 euro higher at 545.75 euros/mt</li><li>Dalian May soybean futures on Wednesday traded -21 yuan lower ending at 4,167 yuan/mt; Sept soymeal traded -51 yuan lower ending at 3,043 yuan/mt</li><li>On Wednesday, Dalian Sep vegoil futures traded mixed, soyoil gained +14 yuan ending at 7,684 yuan/mt, palm oil fell -22 yuan ending at 8,106 yuan/mt</li><li>Malaysian July crude palm oil futures on Wednesday traded -36 ringgit lower ending at 4,007 ringgit/mt</li><li>Malaysian June cash offers for RBD palm oil and olein Wednesday traded -$5/mt lower ending at $995.00/mt and $1,000.00/mt, respectively</li><li> </li></ul>Soybean Basis: <br>Location Spot <br>US Gulf off 1 to +82 <br>St. Louis, MO off 2 to +20k<br>Cedar Rapids, IA steady -5k<br>Mankato, MN steady -15k<br>Decatur, IL steady +12k<br>Decatur, IN steady +25k <br>Columbus, OH steady opt price k </div>