Soybean Bulls Posting Thursday Midday Gains

Soybeans are showing 13 to 20 cent gains so far on Thursday. The cmdtyView national front month Cash Bean price is up 18 ½ cents at $9.65 1/2. Soymeal futures are up $6.10/ton, with Soy Oil futures 29 points higher. There were 220 deliveries issued against March soybeans overnight, all by a Marex customer, with 444 deliveries for March bean meal and 195 for soy oil.

USDA reported a private export sale of 20,000 MT of soybean oil to unknown this morning for 2024/25. 

Commodity Bulletin: From crude oil to coffee, this FREE newsletter is for industry pros and rookies alike

Export Sales data from this morning showed 352,883 MT in soybean bookings, on the low end of the 300,000-550,000 MT estimates for the week of 2/27. That was down 14.1% from the week prior and 42.5% below the same week last year. New crop exceeded the top end of the 0-50,000 MT expectations at 54,886 MT. 

Soybean meal sales totaled 236,677 MT, on the lower end of the 150-000-420,000 MT estimates and up 34.1% from last week. Soybean oil sales were at 54,837 MT, exceeding the 20,000-45,000 MT estimates and nearly triple the week prior.

Census data showed January soybean exports at 5.21 MMT (191.5 mbu), which was a 5-year low for the month. That was down 12.57% from last year and a 34.55% below the December total. Bean Meal exports in the month were the second largest all time for the month at 1.425 MMT. Soybean oil shipments were also the second largest on record for January and the largest for any month since January 2010.

Mar 25 Soybeans  are at $10.17, up 19 1/4 cents,

Nearby Cash  is at $9.65 1/2, up 18 1/2 cents,

May 25 Soybeans  are at $10.30 1/4, up 18 1/2 cents,

Nov 25 Soybeans  are at $10.23 1/4, up 13 3/4 cents,

New Crop Cash  is at $9.67, up 21 1/4 cents,

On the date of publication,

here.

More news from Barchart

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.