The soybean market is showing gains of 2 to 5 1/2 cents on Friday morning. Soybeans saw 3 to 6 cent gains across most contracts on Thursday, fighting off midday pressure. Preliminary open interest was up 5,894 contracts on Thursday, most coming in November. There were another 3 deliveries issued against May soybeans on Thursday. The cmdtyView Cash Bean price was up 6 1/2 cents to $9.94 1/2. Soymeal futures were down 20 to 90 cents/ton, with Soy Oil futures back up 74 to 112 points. There were 66 deliveries issued against May soybean meal overnight, with none for oil.

USDA showed a total of 376,653 MT of soybean booked in the week ending on May 1, back down from last week and 12.2% below the same week last year. Mexico was the top buyer of 153,800 MT, with unknown destinations in for 129,800 MT. China has just over 66,000 MT left on unshipped sales on the books. New crop sales were just 9,758 MT.

Meal sales were tallied at just 122,213 MT, with 111,896 MT for the current marketing year, well shy of the 200,000 to 400,000 MT estimates. Bean oil bookings were reported at 15,711 MT, which was on the higher end of the expected range of between net reductions of 5,000 and sales of 20,000 MT.

USDA’s May WASDE will be released on Monday, with old crop expected to total 369 million bushels, a 6 mbu reduction from last month. New crop’s first projection is estimated to total 362 mbu. 

Statistics Canada data was released on Thursday morning, showing canola stocks at the end of March at 5.869 MMT, a 38.7% decline from last year. The Buenos Aires Grains Exchange raised their Argentina soybean crop estimate by 1.4 MMT to 50 MMT.

May 25 Soybeans  closed at $10.36 3/4, up 6 1/4 cents, currently down 1/4 cent

Nearby Cash  was $9.94 1/2, up 6 1/2 cents,

Jul 25 Soybeans  closed at $10.45, up 5 3/4 cents, currently up 5 1/2 cents

Nov 25 Soybeans  closed at $10.25, up 3 cents, currently up 2 3/4 cents

New Crop Cash  was $9.62 1/1, up 3 cents,