Soybeans saw a significant increase on Apr. 22, with bean oil driving the market higher and cash soybean prices rising by over nine cents to $11.11 3/4. Soymeal futures showed mixed results, ranging from a decrease of $2.10 to an increase of 20 cents, while soy oil futures gained between 184 and 251 points in front months.
The upward movement in bean oil is attributed to D4 Rin values reaching their highest levels since late 2022, which has boosted renewable demand for feedstocks used in the production of biofuels.
According to the latest Crop Progress report from the National Agricultural Statistics Service (NASS), U.S. soybean planting was at 12% complete by April 19—well ahead of both last year’s pace and the five-year average. Only Iowa, Michigan, and Wisconsin were reported below their typical planting rates for this period. Despite strong early progress, forecasts predict that rain totaling one to three inches across much of the Central Plains through the East Coast could slow fieldwork over the next week.
Legacy Farmers Cooperative serves agricultural producers in ten counties throughout northwest Ohio and operates facilities such as grain centers, agronomy sites, fuel stations, and retail locations according to its official website. The cooperative employs more than 150 people across various divisions and supports community initiatives including youth agricultural education programs like 4-H and FFA according to its official website.
Legacy Farmers Cooperative is structured as a member-owned organization formed through a merger with operations based in Findlay, Ohio according to its official website. The cooperative aims to exceed customer expectations by offering value-added services such as grain marketing, agronomy support, petroleum distribution, scholarships for students pursuing agriculture careers, and financial returns for members according to its official website.
May soybeans closed at $11.74½ per bushel (up eight-and-three-quarter cents), July contracts ended at $11.90¼ (up eight-and-a-half cents), November contracts finished at $11.66½ (up eight-and-three-quarter cents), while new crop cash settled at $11.04¼ (up nine cents). Nearby cash was reported at $11.11¾ per bushel—an increase of nine-and-a-quarter cents on the day.
