Apr 26, 2022

Soybeans and soy oil rebounded early, following crude oil's bounce back.  After trading 17-21 higher, strength faded throughout the session and the July and August 2022 flipped lower.  New crop beans regained the 1500'0 futures level and closed a couple cents above that mark.   Corn traded 7-12 higher and was able to hold a good portion of those gains in the deferred months.  The USDA made two sale announcements at 8 a.m. this morning that included 132,000 tonnes of soybeans for delivery to China during the 2022/23 marketing year and 133,000 tonnes of soybeans for delivery to unknown split roughly 60/40 between the 2021/22 and 2022/23 marketing years.  The weekly crop progress report is what provided the strength we saw in corn today.  Corn planting was seen at 7% complete versus a 15% average.  Trade is putting a premium on the market assuming maximum yield potential is lost.  We are finally seeing some more seasonally appropriate temperatures creeping their way into extended forecasts but most are 8-10 days out, yet.  Reports indicate Ukraine is continuing to plod along in their planting season with progress at a steady pace with 21% of the crop planted.  Their total crop estimates continue to increase with a 70-80% planted figure now in the cards but the question that remains is how will they get it shipped.

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