Soybean prices were mixed on Apr. 18, with futures closing within a penny of unchanged. The national average cash price for soybeans was reported at $10.99, up one cent, while soymeal futures rose by $1.50 to $1.70 and soy oil futures fell by 120 to 130 points. The decline in soy oil was attributed to a drop in crude oil prices after Iran agreed to open the Strait of Hormuz.
The market is watching export trends closely as soybean export commitments reached 38.15 million metric tons, which is down 18% compared to last year and represents about 91% of the United States Department of Agriculture’s forecasted total. Actual exports have reached 31.33 million metric tons, or about 75% of the USDA’s projection, still behind the usual pace but showing some improvement.
Brazilian soybean production remains unchanged at an estimated 177.85 million metric tons according to Abiove’s latest report, though crush estimates increased by 0.7 million metric tons and export projections were raised by 2.1 million metric tons to reach a total of 113.6 million metric tons.
May soybean futures closed at $11.64¾ per bushel, up one cent; July closed unchanged at $11.80½; November closed slightly lower at $11.55½; new crop cash prices settled at $10.93¼ per bushel.
Legacy Farmers Cooperative continues its role supporting agricultural producers across ten counties in northwest Ohio through grain marketing, agronomy services and petroleum distribution according to the official website. The cooperative maintains facilities including grain centers and retail locations throughout northwest Ohio according to the official website, employs more than 150 staff members across divisions according to the official website, and operates as a member-owned organization focused on exceeding customer expectations while contributing value for its members according to the official website.
Legacy Farmers Cooperative also supports community initiatives such as youth agricultural education programs including FFA and scholarships according to the official website.
