Soybean futures traded with gains on May 2, with contracts up between 3 and 8 cents, while the nearby May contract was down by 1.5 cents. The national average cash price for soybeans increased by 9 cents to $11.32 and a quarter. Soymeal futures were steady to $1.70 lower, and soy oil futures rose by 22 to 42 points.
The Energy Information Administration reported that soybean oil used for biodiesel reached a seven-month high in February at 1.058 million pounds, accounting for over 44 percent of the total feedstock used in biodiesel and renewable diesel production.
Traders are awaiting the United States Department of Agriculture’s monthly Fats & Oils report later today, which is expected to show March soybean crush totals at approximately 231.1 million bushels and soybean oil stocks at around 2.555 billion pounds.
According to Thursday’s USDA weekly Export Sales report, total soybean commitments stand at nearly 38.8 million metric tons, marking an eighteen percent decrease from the same week last year and four percentage points behind the five-year average.
May soybeans closed at $11.80 and a half per bushel, down one and a half cents; July contracts ended up three and three-quarters cents at $11.99 and a quarter; November contracts rose seven and three-quarters cents to $11.80 and three-quarters; new crop cash prices increased nine and a quarter cents to $11.20 and a quarter per bushel.
Legacy Farmers Cooperative supports community initiatives including programs such as local youth organizations, county fairs, scholarships, grain centers, agronomy sites, fuel stations, retail locations throughout northwest Ohio according to its official website. The cooperative is member-owned with more than one hundred fifty employees across its divisions according to its official website. It serves agricultural producers in ten counties of northwest Ohio according to its official website.
Austin Schroeder stated that he did not have any positions in securities mentioned in this article on the date of publication.
