Soybeans Showing Midday Gains on Thursday

Beans are showing 4 to 6 cent gains so far on the Thursday session, as sales continue to improve and a cut to the Canadian canola crop are giving the bulls a spike. CmdtyView’s national front month Cash Bean price is back up 5 ¾ cents at $9.40 1/2. Soymeal futures are 70 cent/ton lower. There were 150 deliveries against December meal futures overnight. Soy Oil futures are back up 65 points at midday.

USDA reported a private export sale of 136,000 MT of soybeans to China this morning.

Weekly Export Sales data from this morning showed 2.313 MMT of 2024/25 soybean bookings in the week of 11/28, on the high end of the 1.1 to 2.5 MMT estimates. That was down 7.1% from the previous week’s MY high but was up 64.7% above the same week last year. China was the buyer of 669,700 MT, with unknown in for 432,700 MT.

Meal sales were tallied at 280,540 MT in that week, on the lower end of the expected 150,000 and 600,000 MT range. Bean oil sales were also on the low end of the trade ideas at 19,514 MT, vs. trade ideas at 10,000 to 70,000 MT.

October trade data was released by Census this morning, with 9.426 MMT (346.4 mbu) of soybeans shipped in the month, slightly above the same month last year and well above the September total. Soymeal exports continue to be record at 1.28 MMT in October.

Stats Canada data was released on this morning, with canola production pegged a 17.845 MMT, below the estimated 18.51 MMT and down 7% from last year.

Jan 25 Soybeans  are at $9.89 1/2, up 5 3/4 cents,

Nearby Cash  is at $9.40 1/2, up 5 3/4 cents,

Mar 25 Soybeans  are at $9.95, up 5 1/4 cents,

Jul 25 Soybeans  are at $10.18 1/2, up 4 3/4 cents,