Soybeans Post Gains on Thursday

Soybeans closed out the Thursday session with contracts 4 to 7 cents across most months. CmdtyView’s national front month Cash Bean price was up 8 3/4 cents at $9.97 3/4. Soymeal futures were down $1.60 to $3.70/ton, with Soy Oil futures back up 60 to 80 points. 

USDA to showed 428,227 MT of old crop soybean sales in the week of 4/24, up 54.6% from last week and 3.4% above the same week last year. China was the buyer of 139,400 MT, with 134,000 MT switched from unknown, and Germany buying 70,000 MT.  New crop was tallied at 50,000 MT, all sold to Mexico. 

Soybean meal export business boomed out to 328,219 MT, which was on the higher side of 150,000 to 450,000 MT estimates and an 11-week high, with soybean oil sales totaled 8,200 MT, on the low side of the 4,000 to 30,000 MT estimates and an 11-week low.

March soybean crush was reported at 206.5 million bushels according to the NASS release this afternoon, exceeding estimates. That was up 1.49% from last year and 8.97% larger than last month. 

Soybean harvest in Argentina has progressed 9 percentage points to 24% according to the Buenos Aires Grain Exchange, now behind the 36% pace from last year. 

May 25 Soybeans  closed at $10.40 1/4, up 5 1/2 cents,

Nearby Cash  was $9.97 3/4, up 8 3/4 cents,

Jul 25 Soybeans  closed at $10.50 1/4, up 5 3/4 cents,

Nov 25 Soybeans  closed at $10.24, up 5 3/4 cents,

New Crop Cash  was $9.62 1/1, up 6 cents,