Beans are showing weakness in the front months on Tuesday, with July down 3 ¾, as new crop contracts are up 6 to 8 cents. Soymeal is pulling back on Turnaround Tuesday, with contracts down $2 to $3/ton. Soy Oil is looking higher for the second day in a row, as futures are up 55 to 60 points at midday.

There have still been zero deliveries against May soy meal.  There were 16 put out against May BO overnight, with May soybeans seeing none after heavier early deliveries were absorbed. 

US soybean production is expected to be tallied at 4.449 bbu in this Friday WASDE showing the initial 24/25 balance sheet. USDA typically stays with the March Intentions number for planted acreage, as most in the trade expect them to adopt the 52 bpa trendline yield that was used February Outlook forum.  

Stats Canada showed canola stocks on March 31 at 8.263 MMT, a 17.5% increase from last year, with actual soybean stocks down 0.9% at 2.046 MMT. 

Crop Progress data showed 25% of the US soybean crop was planted as of May 5, 4% ahead of  the average pace over the last 5 years. Just 4 of the 18 states were lagging the average pace, with IA, NE, MN, and MI behind normal. That was a move of just 7% on the week and was shy of the 29% average expected, as well as the 30% from last year. The crop was 9% emerged by Sunday, 5% above the average pace.

May 24 Soybeans  are at $12.35 1/4, up 1/2 cent,

Nearby Cash  is at $11.84 3/8, down 3 3/4 cents,

Jul 24 Soybeans  are at $12.45, down 3 3/4 cents,

Nov 24 Soybeans  are at $12.26 1/4, up 6 1/2 cents,

New Crop Cash  is at $11.69 1/2, up 5 1/2 cents,