Soybeans Rallying Back to Kick off Thursday

Soybeans are up anywhere from 9 to 12 cents as we begin Thursday trade. Futures closed out the Wednesday session on a weaker note, giving back some strength from earlier in the week. Contracts were down 8 to 11 cents on the day. Soymeal futures were down $2.50 to $6.50 per ton across the board. Soy Oil futures were 17 to 65 points across the board on Wednesday.

A private export sale of 264,000 MT of soybeans were sold to China yesterday morning for 2024/25 shipment. Ahead of this morning’s Export Sales report, traders are expecting to see net reductions of 150,000 MT to net sales of 150,000 MT of old crop soybeans in the week of August 22. New crop business was hot in that week, according to the 1.38 MMT in previously announced sales, as estimates are for 1.5 to 2.5 MMT in net new bookings. Meal sales are estimated to be between 0 and 600,000 MT in total among the two marketing years, with bean oil in the middle of 0 to 30,000 MT in estimates. 

Canadian canola production was pegged at 19.5 MMT according to Statistics Canada data released on Wednesday morning. That was up 1.6% from last year and above the 19.2 MMT estimates. Soybean production was tallied at 7.15 MMT, slightly below the 7.2 MMT estimates but up 2.4% above last year. 

Sep 24 Soybeans  closed at $9.58 1/2, down 9 cents, currently up 12 cents

Nearby Cash  was $9.28 1/8, down 10 3/4 cents,

Nov 24 Soybeans  closed at $9.77, down 9 1/2 cents, currently up 10 1/2 cents

Mar 25 Soybeans  closed at $10.09 3/4, down 8 cents, currently up 9 cents

New Crop Cash  was $9.19 3/8, down 10 3/4 cents,