May soybeans are slightly lower this morning awaiting CONAB and USDA later this week. The overnight volume is much reduced compared to recent days which might indicate the markets will remain quiet heading into Thursday’s report. May soymeal is down slightly this morning and has relinquished the leadership role in the soy complex. The longer term 11-15-day forecast offers better chances of moisture. A noted south American crop scout lowered their Argentina soybean productions to 45 million tonnes from 47 million tonnes. They also noted that the cuts will continue if there are no rains in the next week or so.
Yesterday’s weekly export inspections for soybeans came in at 990.1143 tonnes. As of March 1, cumulative soybean export inspections for the 2017-2018 marketing year have reached 67.8% of the USDA forecast Vs. a year average of 80%. Inspections of 699,223 tonnes are needed each week to reach the USDA forecast.
May soybeans put in a new high settlement on Monday and have outpaced the soybean meal market over the last few days. May soybean resistance is 1080 and 1083. Support is 1071.
Soybeans May ’18 Daily Chart