Soybean Morning Update & Commentary: Bean spreads liquidating for a second day.
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">Overnight grain markets traded a touch weaker as the holiday shortened week starts out on a cautious note. Tariff headlines and developments remain at the forefront of the traders’ minds but last week’s price action demonstrated the resilience of the grains despite ongoing uncertainty. Short covering and new longs combined to shift the chart formations topside and with the farmer disengaged as planting season ramps up, there was little resistance for the markets to work their way higher. May soybeans are nearly unchanged heading into the biscuit break while the new crop November beans are 3 cents higher and leading from the back end of the curve. The bull spreads are liquidating for a second session following the higher surge on short covering and the tight cash pipeline. The outside markets lean mildly supportive for the Ags with energy firmer and the dollar weaker. Weekly grain inspections will be out this morning and crop progress this afternoon. <br> <br>In the product trade, oil and meal are both lower to start the day with the oil share spread steady. Board crush margins are 7 lower to $1.30/bushel and down 20 cents from the high 10 days ago. NOPA crush for March will be published tomorrow during the session. <br> <br>The COT report showed managed fund money through the trade week ending 4/8 had -3.1k corn (net long 53.5k), +9.9k srw (net short 102.1k), -4.1k hrw (net short 49.8k), -20.6k beans (net short 50.4k), +3.1k meal (net short 97.6k), and +35.8k oil (net long 30.1k). <br> <br>In the news:<br><ul class=\"decimal_type\"><li>Ahead of Tuesday's NOPA March soybean crush report, analysts are forecasting the US crush at 197.6 million bushels, that compares with February's crush at 177.87 mln bushels, March 2024 was 196.41 mln bushels. The data will be released on Tuesday, Apr 15 at 11:00 am CT.</li><li>Analysts are also forecasting NOPA end of March soyoil stockpiles at 1.62 billion lbs, that compares with last month's report at 1.503 bln lbs, and 1.851 billion lbs at the end of March 2024.</li><li>Chinese customs data released Monday placed the country's total soybean imports at 3.5 mln mt, off -36.8% from the year ago month, and at their lowest monthly pace since 2008. Over the January-March 2025 period soybean imports totaled 17.1 mln mt, off -7.9% from the year earlier period. Analysts had been forecasting imports between 17.3 mln to 18.0 mln mt.</li><li>Brazil soybean harvest reached 89.1% on Friday compared to 85.1% at this time last season according to Patria Agronegocios.</li><li>APK Inform analysts Monday suggested Ukraine's 2025 sunflower seed harvest could rise by 14% to 15.2 mln mt. The analyst group also sees the country's sunflower oil production rising by 14% to 6.54 mln mt, while exports could rise by 16% to around 6.2 mln mt.</li><li>New forex measures in Argentina will help the country's oilseed crushing and export sector recover its competitiveness, bringing new trade opportunities, according to the country's oilseed crushing chamber</li><li>Euronext Paris May rapeseed futures on Monday are trading +13.25 euros higher at 535.75 euros/mt</li><li>Dalian May rapeseed futures on Monday traded +15 yuan higher ending at 4,190 yuan/mt; Sept soymeal rose +23 yuan ending at 3,097 yuan/mt</li><li>On Monday, Dalian Sept vegoil futures traded higher, soyoil rose +42 yuan ending at 7,694 yuan/mt, palm oil rose +6 yuan ending at 8,188 yuan/mt</li><li>Malaysian June crude palm oil futures on Monday traded -42 ringgit lower ending at 4,170 ringgit/mt</li><li>On Monday, Malaysian June RBD palm oil and olein cash offers traded -$12.50/mt lower ending at $1,010.00/mt and $1,015.00/mt, respectively</li><li>Outside markets. Crude Oil +$1.02 ; Gold -$5.40 ; Silver +46.0c ; US $ index -66 pts</li></ul> <br>Soybean Basis: <br>Location Spot <br>US Gulf steady +67 <br>St. Louis, MO up 1 to +20k<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 </div>