Soybeans Trying to Hold Up on Thursday

The soybean market is trading with slight gains so far on Thursday, with contracts up 1 to 4 cents though they are pulling off the early session highs. The cmdtyView national front month Cash Bean price was down 5 1/4 cents at $9.69 1/2. Soymeal futures are down $1.20/ton on the day, with Soy Oil futures 38 points in the red. 

The weekly Export Sales report from this morning showed 410,878 MT in 2024/25 soybean sales, in the middle of estimates of 200,000 to 600,000 MT in the week that ended on February 20. That was down 14.4% from the week prior, but still well above the same week last year. China was the top buyer of 202,200 MT, with 172,500 MT sold to Egypt. A total of 215,600 MT in net reductions was reported for unknown, mostly switched to a destination. New crop sales were tallied at 3,620, on the low end of 0-50,000 MT estimates. 

Soybean meal sales were pegged at just 176,472 MT, below the expected 200,000 to 525,000 MT. Bean oil bookings were tallied at 18,363 MT, in the middle of the expected range of 0-30,000 MT.

Data released in the USDA Outlook Forum this morning showed estimates of 84 million soybean acres from the Office of the Chief Economist, down 3.1 million acres from last year if realized. Their trend adjusted yield was pegged at 52.5 bpa, with a carryout estimate at 320 mbu. 

An Argentina oilseed union is threatening to strike across processing plants in the country over a salary dispute.

Mar 25 Soybeans  are at $10.28 1/2, up 4 cents,

Nearby Cash  is at $9.72 3/4, up 3 cents,

May 25 Soybeans  are at $10.42 1/4, up 1 cent,

Nov 25 Soybeans  are at $10.47, up 1 1/2 cents,

New Crop Cash  is at $9.81 1/2, up 1 cent,