Soybean futures are clawing back some of Monday’s drops. Futures are 7 3/4 to 11 3/4 cents higher. The national average soybean basis from cmdtyView is 22 1/2 cents under May futures. Since the turn of the calendar year spot basis has strengthened from minus 49 cents. The national average bean basis on Jan 1 2020 was minus 58 3/4 cents but had only strengthened to minus 44 cents by mid-April. New crop basis is 50 cents under November, compared to -67 1/2 cents at this time in 2020.

Soymeal prices are $4 to $5.40 in the red, with May contracts back below $400/ton. BO futures are up triple digits with 138 to 172 point gains.  Malaysian palm oil futures were higher despite larger than expected production and stocks numbers.

Chinese Customs data showed March bean imports totaled 7.77 MMT, with +5 from U.S. March ’20 soy imports were 6.37 MMT. The EU Commission reported accumulated soybean imports of 11.5 MMT through 4/11, which compares to 11.27 MMT of beans through the same point in 2019/20.

May 21 Soybeans  are at $13.93 3/4, up 11 3/4 cents,

Jul 21 Soybeans  are at $13.88 1/2, up 9 1/2 cents,

Nearby Cash is at $13.71 2/9, up 11 7/8 cents,

Nov 21 Soybeans  are at $12.58 1/4, up 8 cents,

New Crop Cash is at $12.08 1/5, up 7 7/8 cents,