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Soybean futures settled just below daily highs, after posting gains of 10 to 14 1/2 cents. A sharply lower USD (-500 points) was able to provide support. May16 and Nov16 beans closed 23 1/4 cents and 20 cents above their respective daily lows. National planting progress was 8% done as of Sunday night, slightly higher than the five year average of 6% at this time, but slightly lower than the pre-report estimates. March soybean crush reached 166.37 mbu per the USDA CAIR report this afternoon, above the average trade estimate of 165.8 mbu.Including both crude and refined oil, soy oil stocks as of March 31 were 2.325 billion pounds, compared to the pre-report estimate of 2.314 billion pounds. Crude oil stocks were up 4% from February 29 at 1.957 billion pounds. There were only 151,033 MTs of US soybeans inspected for export during the week ending April 28. Weekly inspections were down 46.6% week over week, and 12.5% smaller than the same week a year ago. YTD inspections are just 7% smaller than this time in 2015.
May 16 Soybeans settled at $10.35 1/2, up 14 1/2 cents,
Jul 16 Soybeans settled at $10.43 3/4, up 14 cents,
Aug 16 Soybeans settled at $10.44, up 13 1/2 cents,
Nov 16 Soybeans settled at $10.17 3/4, up 10 cents,
May 16 Soybean Meal settled at $345.30, up $13.20,