Soybeans Rallying with Soybean Oil Support
Soybeans are trading with 11 to 14 cents gains across the front months on Thursday. CmdtyView’s national front month Cash Bean price is up 14 cents at $9.56 1/2. Soymeal futures closed the midweek session with contracts up 50 cents/ton, with Soy Oil futures 156 to 166 points higher on the day.
Weekly Export Sales data show 2024/25 soybean sales totaling 338,469 MT, on the lower side of the 300,000-900,000 MT estimates for the week of 3/20. That was a drop of 4% from last week, but was still 28.3% largest than the same week last year. Mexico was the largest buyer on the week of 260,900 MT, with 202,300 MT sold to China (mostly switched from unknown). There was 361,400 MT in net reductions for unknown, most of which were switched to a destination. New crop business was a net reduction of 21,906 MT, vs. expectations of sales between 0-50,000 MT.
Soybean meal bookings were tallied at 165,992 MT, on the low side of 150,000 to 450,000 MT estimates and a 10-week low. Bean oil exceeded the 5,000 to 30,000 MT expectations at 44,493 MT, a 30.2% increase wk/wk.
May 25 Soybeans are at $10.14 1/4, up 13 1/4 cents,
Nearby Cash is at $9.56 1/2, up 14 cents,
Jul 25 Soybeans are at $10.28, up 13 cents,
Nov 25 Soybeans are at $10.18 1/2, up 11 3/4 cents,
New Crop Cash is at $9.54 1/1, up 11 1/2 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.