Soybean Morning Update & Commentary

<div><font face="arial" size="3">Soybean Morning Update &amp; Commentary</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">QT News - Top News</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">-- Exports of Malaysian palm oil products for May 1 - 10 rose 40.3 percent to 390,938 tonnes from 278,621 tonnes shipped during April 1 - 10, cargo surveyor Intertek Testing Services said on Tuesday.</font></div><div><font face="arial" size="3">--&nbsp; Exports of Malaysian palm oil products for April fell 17.1% to 1,103,093 tonnes from 1,331,400 tonnes shipped during March, cargo surveyor Societe Generale de Surveillance said on Monday.</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">Analysts Expectations for May 2022 USDA-WASDE Supply/Demand Report</font></div><div><font face="arial" size="3">Analysts and traders are forecasting US 22/23 Soybean Production at 4.63 billion bushels ahead of Thursday's monthly USDA crop report.&nbsp; Last year's crop was 4.44 bln bu.&nbsp; Yields for the 22/23 season are forecast at 51.5 bushels per acre, that compares to last season's 51.4 bushels per acre.</font></div><div><font face="arial" size="3">Ahead of Thursday's monthly USDA crop report, analysts are forecasting US 21/22 Soybean ending stockpiles at 225 million bushels, that compares to the April report figure at 260 mln bu.</font></div><div><font face="arial" size="3">Ahead of Thursday's monthly USDA crop report, analysts first look at US 22/23 Soybean ending stockpiles are at 317 million bushels</font></div><div><font face="arial" size="3">Analysts are forecasting Thursday's monthly USDA crop report to show 21/22 Global Soybean ending stockpiles at 88.9 mln mt, that compares to April's figure at 89.58 mln mt.&nbsp; In a first look at 22/23 global ending stocks, analysts expect them at 97.2 mln mt.</font></div><div><font face="arial" size="3">Survey of analysts shows they expect the 21/22 Argentina Soybean crop at 42.5 mln mt in Thursday's monthly USDA crop report, that is off from the 43.5 mln mt in the April report.&nbsp; The 21/22 Brazil Soybean crop is seen at 124.3 mln mt off from the 125.0 mln mt predicted last month.</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">Pending Tenders</font></div><div><font face="arial" size="3">NA</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">-- Dalian July soybean futures on Wednesday traded -19 yuan lower at 6,153 yuan/mt; Sept soymeal futures rose +26 yuan ending at 3,927 yuan/mt</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">-- Dalian Sept vegoil futures on Wednesday traded higher, palm oil rose -10 yuan ending at 11,498 yuan/mt, soyoil rose +18 yuan ending at 10,978 yuan/mt</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">-- Malaysian palm oil futures fell on Wednesday dropping 1.51%, to 6,312 ringgit.</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">-- Outside markets.&nbsp;</font></div><div><font face="arial" size="3">Gold<span style="white-space:pre">	</span>1,852.30<span style="white-space:pre">	</span>11.30<span style="white-space:pre">	</span>0.61%<span style="white-space:pre">	</span></font></div><div><font face="arial" size="3">Silver<span style="white-space:pre">	</span>21.765<span style="white-space:pre">	</span>0.341<span style="white-space:pre">	</span>1.59%<span style="white-space:pre">	</span></font></div><div><font face="arial" size="3">Crude Oil<span style="white-space:pre">	</span>103.82<span style="white-space:pre">	</span>4.06<span style="white-space:pre">	</span>4.07%<span style="white-space:pre">	</span></font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">QT News Cash Markets</font></div><div><br></div><img src="https://download.qtmarketcenter.com/jay/2022-05-11_5-55-22.jpg">