Soybeans End Up on Thursday

Soybean prices were fractionally to 2 1/2 cents higher in the nearby contracts at the bell on Thursday. The new crop prices closed with gains of as much as 8 3/4 cents, tightening the inverse. Nov contracts were still a $1.42 3/4 discount to March at the bell. Soymeal found afternoon strength to close the day mostly higher within 40 cents/ton of UNCH. BO futures were up by 66 to 71 points at the Thursday close.

USDA announced a 128k MT old crop soybean sale to unknown destinations this morning. 

USDA’s weekly Export Sales report showed 512,802 MT of old crop soybeans were sold, which was within the range of estimates. Last week saw 374k MT sold but the same week last year had 1.317 MMT booked. The week’s top buyers were China (including 252k MT switched from unknown) and Mexico (including 47.5k MT switched from unknown). The weekly report also had 260k MT of new crop sales, mostly for China. Old crop commitments were 1.767 bbu, matching last year and 89% of the WASDE forecast. New crop commitments were at 42.7 mbu, compared to 165 mbu at the same point last year. 

For the products, FAS data had 295,853 MT of meal sales, with 271k for 22/23 and 25k for 23/24 delivery, and 8.3k MT of soy oil sales. Pre-report estimates were topped out at 300k MT for meal and 10k MT for oil for 22/23. 

AgRural reduced their estimate for Brazilian soy production from 152.9 to 150.9 MMT. 

Mar 23 Soybeans  closed at $15.26 1/2, up 3/4 cent,

Nearby Cash   was $14.82 1/8, up 1 cent,

May 23 Soybeans  closed at $15.21 1/4, up 1 3/4 cents,

Jul 23 Soybeans  closed at $15.13, up 2 1/2 cents,