DCE Live Hog Sep '24 (YKU24)

Soybeans were higher on Thursday led by the bean oil market, as the raw beans were up 3 to 9 ¾ cents at the close, led by the nearbys. The cmdtyView national average Cash Bean price was up 9 3/4 cents at $11.05 1/2.  Soymeal futures were 50 cents to $2.40 lower on the day, with Soy Oil futures 67 to 223 points higher in the front months. Crude oil couldn’t hold above the $80 level but were still up $4.23 on the day. 

Ahead of the Trump/Xi meeting later in March, Secretary Bessent has indicated he looking for China to expand puschases of US soybeans, accord to a WSJ article. 

The weekly Export Sales report from USDA showed 383,492 MT of soybeans sold in the week of 2/26. That was down 5.8% from the previous week, but 31.11% above the same week last year. China was the buyer of 153,100 MT, with 133,000 MT switched from unknown, as 133,000 MT was sold to the Netherlands and 110,400 MT to Egypt.

Soybean meal sales were pegged at 255,760 MT, sneaking into the range of 2... Read more