Soybean futures were weaker to start the week, closing fractionally to 5 ¾ cents in the red. Soymeal futures also faded on Monday, closing down by 1.2%. Soy Oil futures settled with 47 point gains. 

Canadian Canola Prices are up by $4 to $5 so far at midday. Stats Canada released a planting intentions report this morning for 2024, showing canola acres expected at 21.39 million, slightly below the 21.6 million acre estimate coming in and 3.1% below last year. Soybean intentions were very close to last year, at 5.58 million acres, down just 0.9% and in line with estimates.

Export Inspections data had 706,334 MT of soybean shipments for the week that ended 3/7. That was down from 1.2 MMT last week but was up 68k MT from the same week last year. Total shipments, at 35 MMT, remain 19.2% behind last year’s pace. 

Estimates from Patria Agronegocios showed soybean harvest was 52.7% complete, now behind last year’s pace. Recall the severe dryness during planting led to an extended plant date and spurred replant decisions which will push the back half of harvest later than usual for those impacted fields. 

May 24 Soybeans  closed at $11.79 1/4, down 4 3/4 cents,

Nearby Cash   was $11.21 3/8, down 4 1/8 cents,

Jul 24 Soybeans  closed at $11.91 3/4, down 3 3/4 cents,

Nov 24 Soybeans  closed at $11.72 3/4, down 1 cent,