Soybeans were higher on fund and technical buying, but still finishing the week with losses. Contracts were a little oversold and unknown destinations bought 121,500 tons of mostly new crop U.S. beans ahead of the open. 13,500 tons are for 2023/24 and 108,000 tons are for 2024/25. The new marketing year for U.S. soybeans starts September 1st. Brazil’s harvest is approaching 90% complete, while Argentina is seeing rain delays, potentially also impacting crop quality. The USDA’s next round of supply and demand estimates is out May 10th, with CONAB’s update for Brazil on May 14th.
