Soybeans posted front month gains of 11 to 13 ¼ cents on Thursday, with new crop November up 5 ¾ cents. The cmdtyView national average Cash Bean price was up 13 1/4 cents at $10.72 1/2. Soymeal futures were $4.00 to $4.70 higher on the day, with Soy Oil futures 40 to 47 points lower. A report overnight indicated the US and China are looking to extend a trade truce when the two leaders meet in China in April.
USDA reported a private export sale of 108,000 MT of soybeans to Egypt this morning.
USDA released Export Sales data this morning with a total of just 281,798 MT of soybeans sold in the week of 2/5. That was down from last week and a marketing year low, but still 141.16% above the same week last year. China purchased a total of 286,100 MT, with 201,000 MT switched from unknown, as Egypt bought 167,000 MT.
Soybean meal sales were tallied at 356,990 MT, in the middle of the 200,000-450,000 MT estimates. Bean oil sales were 2,093 MT, within estimates of between net reductions of 10,000 MT and sales of 16,000 MT.
CONAB data from this morning showed Brazi’s soybean crop estimated at 177.98 MMT, a 1.86 MMT increase from the previous number. The Buenos Aires Grains Exchange estimates the Argentina soybean crop at 48.5 MMT, unchanged from their previous forecast. They estimate the soybean crop ratings at 32% good/excellent, down 8% from the week prior.
Mar 26 Soybeans closed at $11.37 1/4, up 13 1/4 cents,
Nearby Cash was $10.72 1/2, up 13 1/4 cents,
May 26 Soybeans closed at $11.52 1/4, up 12 3/4 cents,
Jul 26 Soybeans closed at $11.63 3/4, up 11 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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