Soybeans are trading 5 to 8 cents higher at midday on Friday. Futures closed out the Thursday session with contracts 4 to 7 cents across most months. Preliminary open interest was up 3,770 contracts on Thursday, suggesting light net new buying. There were 3 deliveries issued against May beans overnight. CmdtyView’s national front month Cash Bean price was up 11 1/4 cents at $10.08 1/4. Soymeal futures are $3.30 to $5.60 per ton higher at midday. Soy Oil futures gave back earlier gains and are trading 49 to 75 points lower. There were another 11 delivery notices against May meal futures overnight, with 165 for bean oil.

USDA showed 428,227 MT of old crop soybean sales in the week of 4/24. Old crop soybean export commitments have totaled 47.414 MMT, which is now 95% of the current USDA projection. That is behind the 5-year average pace of 96% but ahead of the 94% sales pace from last year.

March soybean crush was 206.5 million bushels according to the NASS Fats & Oils report release on Thursday, exceeding most trade estimates. That was up 1.49% from last year and 8.97% larger than the February short month. Year to date crush since September 1 has totaled 1.439 billion bushels, which is 4.88% larger than the same period last year.

Soybean harvest in Argentina has progressed 9 percentage points to 24% according to the Buenos Aires Grain Exchange, now behind the 36% pace from last year. 

 May 25 Soybeans  are at $10.47 1/4, up 7 cents,

Nearby Cash  is at $10.08 1/4, up 11 1/4 cents,

Jul 25 Soybeans  are at $10.60 3/4, up 10 1/2 cents,

Nov 25 Soybeans  are at $10.32, up 8 cents,

New Crop Cash  is at $9.71 1/1, up 9 cents,