Soybean Futures Firming Up through Thursday

So far for Thursday, the bean market is fractionally to 3 cents in the black. November futures are up 16 cents from their session low. Front month soymeal futures are working sharply lower with $4.60 to $7 losses at midday. Bean oil prices are back up by 2.4% so far. 

The weekly Export Sales report showed 17k MT of old crop beans were sold for the week that ended 5/11. That was at the low end of estimates and was down 73% from last week. Accumulated commitments were 1.865, or 93% of the WASDE forecast. New crop soybean sales were 663k MT, which were double the estimates and led by unknown and China. That left the forward book at 2.55 MMT or 78% behind last year's pace. The WASDE forecast has new crop sales decreasing 2% yr/yr. 

Weekly soybean meal export sales were 202k MT for 22/23 delivery and 89k MT of forward sales. That was within the range of estimates. Soybean oil sales were shown at 856 MT. That left the total commitments at 118,617 MT. USDA had old crop BO exports penciled in at 200k MT.  

Jul 23 Soybeans  are at $13.38 1/2, up 1 1/2 cents,

Nearby Cash   is at $13.19 1/2, up 1 1/2 cents,

Aug 23 Soybeans  are at $12.75 1/2, up 3/4 cent,

Nov 23 Soybeans  are at $11.91 1/2, up 4 cents,