Soybeans rallied on new rumors that the Argentine Farmer strike would be back on. July beans ended Wednesday’s session 32 cents higher and new crop Nov. 28 cents higher. Persistent rumors of the on again off again have had the Soybean complex moving with each rumor. Some pre-report positioning before USDA issues its monthly crop report Friday. Volume on Wednesday was extremely light. Soybeans traded 85,894, Meal 45, 976 and Oil 51,008. Funds were buyers of an estimated 3,800 Soybeans, Oil 3,200 and Meal 1,400 contracts.

Early Opening Calls lower. The Argentine strike situation once again dominates the Soybean market today. Farmers announced fresh protests against a tax hike on Wednesday deciding to break off weeks of tense negotiations. Argentine government officials are unwilling to reform a new system of grains. Argentine farm leader Eduardo Buzzi said “after 57 days we haven’t advanced. The government has chosen the road of confrontation and that is the reason we have not reached an agreement”. Expectations are for the new strike to last through at least May 15th. today the USDA released weekly export sales. Soybean sales were 280,600 (239,600- 08/08) within estimates of 250,000 to 350,000. Meal sales were 134,200 (12,000 08/09) within estimates of 50,000 to 150,000. Oil sales were 12,000 within estimates of 5,000 to 15,000. India's Forward Markets Commission, the country's commodities market regulator, has suspended futures trading in four commodities as of close of trade Wednesday. The FMC has suspended futures trading in these commodities in order to curtail spiraling inflation due to rising food prices. Overnight Chinese Soybean and Oil futures closed higher, Meal lower. Malaysian Palm Oil futures higher.

Cash Markets -- CIF Soybeans steady weak . May +10 to +17, June +27 to +30, July +30 to +40, Sept. +18 to +25, Oct. +16 to +20, Nov. +20 to +28

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