Tidbits, Market Risks & Pricing, Soy Market, Crop Progress, ENSO, Export Inspections 4/28/26
- Wright team
- 3 hours ago
- 5 min read
Tidbits
Tomorrow is the last trading day before delivery notices are posted for May futures. That usually means prices yesterday and today would be lower because all long May futures positions and basis contracts must be rolled or liquidated before the close Wednesday.
Soy crush margins moved to fresh all-time highs at $3.52 per bushel, with bean oil contributing 52% of the value, which is still a historically high ratio. Soybean oil (and cotton) reached new highs last week.
Brazil’s soybean harvest is estimated at 88.7% complete according to CONAB, below last year’s pace of 92.7%, as ongoing rains continue to delay harvest progress.
The Argentine soy meal cargoes rejected by the EU reportedly tested positive for HB4, a drought resistant gene approved as safe by the U.S. in 2019 and by China in 2022, which could shift demand toward the U.S. EU’s current season meal imports are forecast at 19.5 million mts. Brazil is the largest seller into Europe with roughly 55% annually with Argentina 2nd at roughly 36% on average.
Argentine truckers ended a protest that had paralyzed the Quequen grain port after reaching an agreement with farmers for a 16% freight rate increase, the port authority said on Friday.
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