Soybeans are trading 1 to 2 ½ cents lower following the overnight trade. They posted double digit losses on Tuesday, with contracts down 15 ¼ to 19 ¾ cents across the board. Soymeal was down $1.80 to $3/ton at the close. Soy Oil was in freefall mode, down another 69 to 140 points and hitting new contract lows. 

There were 152 delivery notices against May soybean meal overnight.  May BO deliveries slowed from the burdensome first day figure to 1,322 this time. Bunge was a stopper for 387, with ADM taking 263 for the house account. May soybean deliveries slowed to 263 contracts. 

EIA reported that just 888 million lbs of bean oil was used in biodiesel production in February. That was down from 960 million lbs in January and was the lowest monthly use total since December 2022. Meanwhile, tallow and yellow grease inclusion has been rising for the last several months. As for bean oil stocks at the end of March, the trade is estimating 2.294 billion lbs. Traders are also expecting soy crush during March at 205.97 mbu ahead of this afternoon’s USDA Fats & Oils report.

On Tuesday, the Biden administration released its guidance on SAF feedstock, allowing soy-based biodiesel to qualify only if producers of the soybeans use practices such as no-till and cover cropping. 

Across the US, only ND had no reported planting pace, which is normal, with IN and NE the only states reported as lagging, by 1%. IL was 8% above normal, with IA at 25% and more than double the 12% average pace. MN was 9% ahead of schedule, with MO 15% ahead of the average pace.

May 24 Soybeans  closed at $11.45 1/2, down 15 1/4 cents, currently down 1 3/4 cents

Nearby Cash  was $11.01 3/4, down 12 1/2 cents,

Jul 24 Soybeans  closed at $11.63, down 19 cents, currently down 2 1/4 cents

Nov 24 Soybeans  closed at $11.59 1/2, down 18 1/2 cents, currently down 1 1/2 cents

New Crop Cash  was $10.97 1/1, down 17 cents,