Front month soybean futures are up by as much as 10 cents at midday. Soymeal futures are mixed within 50 cents/ton so far. Midday Soy Oil futures are trading another 98 points higher with 2% gains. 

Stats Canada released a 2024 planting intentions report on Monday, 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.

US 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. 

CONAB estimated Brazil’s soybean production at 146.85 MMT, a 2.55 MMT cut and now 8.15 MMT under USDA. Safras and Mercado’s standing estimate is to see 149.1 MMT of soybean production, which has the 54.5 MMT in farmer sales read as 36.6%. At the same point last year farmers were 35.4% sold, though the 5-yr average is to be closer to 50% via Safras data. AgRural estimates Brazilian harvest is 55% complete,  slightly ahead of the 53% from last year. 

May 24 Soybeans  are at $11.87 3/4, up 8 1/2 cents,

Nearby Cash   is at $11.30 1/4, up 8 7/8 cents,

Jul 24 Soybeans  are at $12.00 1/2, up 8 3/4 cents,

Nov 24 Soybeans  are at $11.80 3/4, up 8 cents,