Soybeans are showing 1 to 3 cent gains so far on Wednesday, with May up 9 ¼ cents. May soybean deliveries slowed to 263 contracts. Soymeal is trading $3.30 to $4.30 lower at midday.  There were 152 delivery notices against May soybean meal overnight.  Soy Oil is putting together a rebound, with contracts up 14 to 41 points. May BO deliveries slowed from the burdensome first day figure to 1,322 this time. Bunge was a stopper for 387, with ADM taking 263 for the house account.

Export Sales data will be released on Thursday, with the trade range of estimates at 100,000 to 700,000 MT for old crop and up to 200,000 MT for new crop beans during the week of April 25. Soybean meal bookings are seen as totaling 150,000 to 400,000 MT, with bean oil bookings at et reduction of 5,000 to sales of 10,000 MT.

EIA reported that just 888 million lbs of bean oil was used in biodiesel production in February. That was down from 960 million lbs in January and was the lowest monthly use total since December 2022. Meanwhile, tallow and yellow grease inclusion has been rising for the last several months. As for bean oil stocks at the end of March, the trade is estimating 2.294 billion lbs. Traders are also expecting soy crush during March at 205.97 mbu ahead of this afternoon’s USDA Fats & Oils report.

On Tuesday, the Biden administration released its guidance on SAF feedstock, allowing soy-based biodiesel to qualify only if producers of the soybeans use practices such as no-till and cover cropping. 

May 24 Soybeans  are at $11.54 3/4, up 9 1/4 cents,

Nearby Cash  is at $11.04 3/8, up 3 5/8 cents,

Jul 24 Soybeans  are at $11.65 3/4, up 2 3/4 cents,

Nov 24 Soybeans  are at $11.61 1/4, up 1 3/4 cents,

New Crop Cash  is at $10.97 7/8, down 1/8 cent,