USDA boosted the Argentine crop but left Brazil unchanged, which surprised the market. Most private and Brazil agencies have been increasing their production estimate, but USDA choose to stick with a 30.50 million metric ton crop. China has been aggressively buying beans so USDA increased its Chinese import estimate from 14 million to 14.29 million metric tons. Right now, because of a premium for 2000 crop, we look to sell 2000 soybeans at near or above the loan rate. This weather volatility is going to give us some selling opportunities, we just have to be sure to take advantage of them the next few months.
Bean oil remains steady The bean oil market has been one of the steadier markets.
The season spring strength is keeping the bean oil from suffering any large losses, but falling soybean prices are limiting any gains. New crop prices remain below the loan rate. Durum ending stocks cut USDA released its April supply-demand report and the report contained some surprises for durum. The report cut durum's ending stocks estimate to 49 million bushels. Futures have remained mostly unchanged for the week, except for the May contract which slipped 10 cents April 13.