Soybean Meal Sep '24 (ZMU24)

Soybeans were down 3 to 4 cents in the front months, as Marc was up 4 ½ cents this week. The cmdtyView national average Cash Bean price was up 7 1/2 cents at $10.76 1/2. Soymeal futures were up $5 to $5.30 in the front months, with March up  60 ents this week. Soy Oil futures were down 70 to 75 points with March up 184 points this week. We are closing in on the final week for the crop insurance spring base price discovery, with the average November soybean close during February at $11.03 so far. This is up 49 cents from last year.

Soybean sales picked up for old crop in the week ending on February 12, with bookings at 798,216 MT. That was well above the week prior and 66.2% above the same week last year. The largest buyer was China at 415,500 MT, with 226,900 MT sold to Egypt and 87,100 MT to Japan. New crop sales totaled 66,000 MT.

Meal sales were tallied at 480,937 MT, exceeding trade estimates of 220,000-450,000 MT. Sales for bean oil were at 11,134 MT, near the top e... Read more