May-23 soybean futures closed at a high last week while Nov-23 soybean futures closed lower.
May-23 soybean oil was down by less than 1 cent for the week.
Brazil is said to have already sold 66 MMT of their record soybean harvest, the main buyer being China, with estimates they could be importing over 100 MMT of soybeans this year.
Argentina’s soybean crop estimates continue to fall, with the Rosario Exchange now projecting the crop at just 23 MMT vs. 27 MMT last month. (USDA is forecasting it at 27 MMT.) Significant acreage is expected to go unharvested as drought decimated much of the crop.
Snowmelt in the northern Grain Belt last week was significant. Flood risk remains, and cooler weather returns. Weather was very mild last week and conducive for some spring row crop plantings.
Spot crude oil reached five-month highs on Wednesday of last week.
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