Soybeans are trading 14 to 22 cents higher this morning. Thus far, no hint of a Turnaround Tuesday fade. May options expire on Friday, and there is a big money battle going on for which strikes will be in the money and which will expire worthless. Yesterday, the soy complex ended the first trade day of the week mixed. Beans were higher on Monday with gains of 0.66% to 1.15%. Preliminary open interest showed net new buying interest, rising 8,644 contracts. Meal futures were also higher with 1.1% to 1.32% gains. Soy oil futures closed the session with losses of 0.11% to 0.75%.

NASS’s weekly Crop Progress report showed soybean planting has reached 3% complete through 4/18. The 5-yr average is 2%. AR, MS, and LA were all behind their average pace, but the other 15 states were at or above their average planting pace in the initial report.

USDA’s weekly Export Inspections report showed 183,986 MT of beans shipped for the week ending 4/15. That was a MY low, and brought the MYTD total to 54.993 MMT (2.02 bbu). Accumulated exports compare to 48.297 MMT (1.775 bbu) at this point during the 16/17 campaign (previous record). 

May 21 Soybeans  closed at $14.49 3/4, up 16 1/2 cents, up another 22 this morning

Jul 21 Soybeans  closed at $14.36 1/2, up 14 cents, and up 20 1/4 this morning

Nearby Cash was $14.31 ¼ on Monday, up 17 1/4 cents,

Nov 21 Soybeans  closed at $12.84, up 10 cents, and up 14 this morning

New Crop Cash was $12.34 3/4 on Monday, up 10 1/4 cents,