Soybean Market Pulls Back From Thursday Gain

Soybean futures are mostly 3 cents lower following overnight trading activity. They ended Thursday with 4 cent gains in the nearby contracts, bouncing from multi-month lows on short covering. Preliminary open interest dropped 7,534 contracts. Meal futures were up $5.60/ton, with May soy oil down 28 points. US exporters sold 596,301 MT of 18/19 soybeans during the week ending on April 18, near the high end of expectations. That was a 56.6% jump from the week prior and 60.6% larger than this week last year. Unknown purchased 230,700 MT, with 212,113 MT for China. Soy Meal sales totaled 397,978 MT, with soy oil at 19,630 MT. Chinese customs data showed 4.92 MMT of soybeans imported in March, with 1.51 MMT US origin (down 50% yr/yr). BAGE data puts the Argentine soybean harvest at 50.7% complete, above the 39.6% average. Their production estimate is 55 MMT. --provided by Brugler Marketing & Management

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