Soybean Meal Futures Market News and Commentary
The domestic soy market continued higher on Thursday. Soybean futures closed 4 1/2 to 9 1/4 cents in the black. For the month to date May beans are still 25 3/4 cents lower, but new crop November is a penny stronger. Soymeal futures closed the Thursday session with $2.60 to $3.70 gains. BO futures were up 57 to 65 points on the day.
NOPA members reported processing 177.984 mbu in March. That was slightly below the average of pre report estimates. That is the second consecutive crush that was lower yr/yr, combining for 14.5 mbu for Feb and March. MYTD crush however is still a record pace, exceeding 19/20 by 36 mbu. Soy oil stocks were reported at 1.771b lbs, compared to the average guess of 1.822b lbs.
Net soybean sales reported in the weekly Export Sales report were 90,448 MT. Indonesia was the top buyer, and the report included 65,000 MT of cancelations from China. For new crop, bean sales were 265,544 MT bringing the total forward sale to 5.26 MMT. That... Read more