Soybeans were fading into the reports, before rallying out of the release. Current quotes are back to mixed as the new crop futures are holding fractional to 4 cent gains and old crop prices are back to 2 cents in the red. Midday Soymeal futures are trading $2 in the red through Thursday’s midday. Soy Oil futures are working off their highs but still 15 points in the black for midday. 

The March Intentions data showed an 86.510 million acre planted area for 24/25 soybeans. That’s up 2.9 million acres from last year vs the trade estimate to see 1.9 million more bean acres. The largest increase was +700k acres for ND, while MO was up 400k yr/yr. The ECB states were +250k acres in each IA/IN/OH. 

NASS Grain Stocks data showed Q2 demand was 1.156 bbu from the 3.001 on Dec 1. That had March supplies at 1.845 billion vs 1.687 billion last year and compares to the trade average guess of 1.835 bbu. On farm supplies were 933 million bushels vs the 750 mbu last year and off farm beans tallied 9.12 mbu compared to the 9.4 mbu last year. 

Agroconsult estimated the Brazilian soy crop at 156.5 MMT, which was up from their 152.2 MMT prior estimate. 

Weekly FAS data showed 263.9k MT of soybeans were booked for export during the week that ended 3/21. That was below the bottom range of estimates going into the report. Meal sales were shown at 127k MT for the week. USDA reported 6k MT of soy oil was booked, which was near the top end of estimates. 

May 24 Soybeans  are at $11.80 1/4, down 12 1/4 cents,

Nearby Cash   is at $11.23 5/8, down 12 1/2 cents,

Jul 24 Soybeans  are at $11.94, down 12 1/2 cents,

Nov 24 Soybeans  are at $11.70, down 13 1/2 cents,