Afternoon Soybeans: Big week for the bean market.
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><div style=\"line-height: 1;\"><span style=\"font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">The soybean market surged to a 6-week high as short covering/money flows, chart buying, and demand news all contributed to the positive price action and sentiment. May beans settled almost 14 cents higher while the new crop led from the back of the curve today for a change, gaining almost 21 cents as the bull spreaders appeared to take profits ahead of the weekend. Domestic bean basis was mostly steady to firmer in some locations, the board did the heavy lifting today and was rewarded with light cash movement although most producers remain disengaged. For the week, beans gained 65.75 cents and posted a key reversal on the weekly chart while the new crop futures gained 41.25 cents. It was the largest week of gains since June 2023.<br> <br>In the product trade, soybean oil settled more than a penny (1.03 pts) higher and shook off early pressure support from the energy strength and renewed optimism that the government is moving towards a favorable policy outcome for the biodiesel industry. Soybean meal was able to gain $1.7 despite being on the short end of the oil share spreading today. Keep in mind, managed fund money holds sizeable 98k short positions in meal as of 4/8. Board crush margins gained 1 on the day to $1.37/bushel. The Bloomberg survey for Tuesday’s NOPA sees March crush at 196 mb vs. 178 in Feb with oil stocks at 1.612 bln lbs up from 1.503 in Feb.<br> <br>Elsewhere in the news, White House spokesperson Friday said the President hopes trade deals are completed before 90 days are up, and expect decisions to be made once the 90 day mark has been reached.<br><br></span></div><div id=\"isPasted\" style=\"line-height: 1;\"><span style=\"font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">The USDA reported another private sale of US beans to unknown; 55 tmt old crop and 66 tmt for the new crop. </span></div><div style=\"line-height: 1;\"><span style=\"font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"> <br>Datagro said that 2024/25 crop year soybean sales by Brazilian farmers have already reached 88.2 MMT up to April, a pace of volume that has never been seen by early April prior. It is based on sales of 52.2% of the soybean crop through the first week of April. <br> <br>AgroConsult followed up Datagro’s comments, saying Brazilian farmers have sold more than half of their 2024/25 soybean crop (which is an estimated 172.1 MMT), adding that farmers have sold “extraordinary” volumes of soybeans over the past several days. <br> <br>Buenos Aires Grain Exchange weekly report Thursday estimated the Argentine soybean harvest at 2.6% complete, that is lagging the 10.6% pace last year, and 6.6% average harvest pace over the past five years with recent rains slowing progress. bean conditions at 37% G/E and 21% P/VP, an improvement from last week’s 36% G/E and 23% P/VP They kept soybean production at 48.6 MMT.<br> <br> <br>Soybean Basis: <br>Location Spot <br>US Gulf steady +67 <br>St. Louis, MO up 2 to +19k<br>Cedar Rapids, IA steady -5k<br>Mankato, MN steady -15k<br>Decatur, IL steady +6k<br>Decatur, IN steady +25k <br>Columbus, OH steady opt price k </span></div></div>