Soybeans settled 3 ¼ lower to 3 cents higher on Friday, with delivery months out through January 2025 in negative territory and the rest of the 2025 contracts ending the session higher.  Nearby May was up 9 cents for the week, or 0.78%. Soymeal dropped $3.90 in the nearby May contract, finishing right on top of the $340 option pin. Soy Oil eked out modest gains of 11 to 30 points for the day, with nearby May the weakest. 

Planting will likely be slowed for a few days with the rains today and into the weekend for the Midwest. The trade doesn’t seem as concerned as we were already well ahead of average pace and saw a several day window for planting earlier this week.

Soybean conditions in Argentina were steady this week at 30% good according to the Buenos Aires Grain Exchange, as poor ratings were up 1% this week to 24%. The crop is 25% harvested. Chinese soybean futures were up about 1.5% for the week.  They are shipping some beans from the US, but Brazilian offers are still more than 35 cents per bushel below New Orleans (FOB Gulf) quotes. 

May 24 Soybeans  closed at $11.59 1/2, down 3 1/4 cents,

Nearby Cash  is at $11.08 1/1, down 3 cents,

Jul 24 Soybeans  closed at $11.77 1/4, down 2 1/2 cents,

Nov 24 Soybeans  closed at $11.74 3/4, down 3/4 cent,

New Crop Cash  is at $11.11 1/1, down 1 cents,