Soybeans slipped back from the midday highs, as contracts were still 2 ½ to 13 ¼ cents higher, led by the front months. The cmdtyView national average Cash Bean price was up 13 1/4 cents at $11.52 1/4. Soymeal futures were up $1.90 to $4.80, with Soy Oil futures were up 13 to 26 points at the close. Crude oil was up another $9.15 on Thursday to add to some spillover support.
USDA Export Sales data from this morning showed 456,740 MT of old crop soybean sold in the week ending on 3/5. That was the largest in 3 weeks, but still 34.15% below the same week last year. Indonesia was the top buyer of 204,300 MT, with 129,900 MT to Mexico, and 107,800 MT to Egypt. New crop business was 9,518 MT.
Soybean meal sales were 166,002 MT, which was on the low end of estimates 150,000 to 400,000 MT. Soybean oil sales totaled net cancellations of 2,835 MT.
January soybean exports were tallied at 5.821 MMT (157.9 mbu), above the year prior. Meal exports were a record for any month at 1.678 MMT, with bean oil at 77,396 MT.
Mar 26 Soybeans closed at $12.13, up 12 1/2 cents,
Nearby Cash was $11.52 1/4, up 13 1/4 cents,
May 26 Soybeans closed at $12.27 1/4, up 13 1/4 cents,
Jul 26 Soybeans closed at $12.40, up 12 3/4 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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