Thursday Rally for Soybeans

The front month soybean futures market went home 13 1/2 to 21 1/2 cents in the black. Meal bounced $6.90 to $9/ton on the day. BO futures traded 21 to 78 points stronger.

Weekly Export Sales data showed a 20-week high for bean bookings, as 2.204 MMT were sold from the week that ended 3/3. China was the week’s top buyer with over 1 MMT. Weekly exports were just 834k MT. Accumulated shipments reached 1.53 bbu, or 73% of the updated USDA forecast. USDA had new crop sales at 895k MT. Accumulated shipments reached 1.53 bbu, or 73% of the updated USDA forecast. 

USDA reported soymeal sales at 316,107 MT from the week that ended 3/3. That was a 6-week high and was 170% above the same week last year. Meal exports were 253,121 MT setting the MY total to 5.44 MMT. Front month BO sales were 16,612 MT during the week that ended 3/3. That was up from 6.5k MT wk/wk, though down from 35k MT two week’s prior. 

The March WASDE data showed a 40 mbu soybean export increase to 2.09 bbu. That was reflected in a 40 mbu tighter carryout of 285 mbu. 

South American production was cut a total of 9.5 MMT. Brazil was cut by 7 MMT. Argentina was cut by 1.5 MMT to 43.5 MMT. Paraguay was also cut by another 1 MMT to just 5.3 MMT – a 10-yr low for them. 

Mar 22 Soybeans  closed at $17.00, up 13 1/2 cents,

Nearby Cash   was $16.26, up 12 1/4 cents,

May 22 Soybeans  closed at $16.86 1/4, up 14 1/2 cents,

Nov 22 Soybeans  closed at $14.92 1/4, up 18 1/2 cents,

New Crop Cash   was $14.41 1/4, up 17 3/8 cents,