Soybeans Pops Higher on Thursday as Meal Rallies

Soybeans settled in on Thursday with contracts steady to 6 ¾ cents higher at the close, led bt the 2026 contracts. The cmdtyView national average Cash Bean price was up 6 ¾ ents at $10.93 1/2. Soymeal futures were $7.20 to $10.80 higher on the day in the front months, with Soy Oil futures 1 to 20 points lower. 

The weekly Export Sales report from this morning showed just 298,208 MT of old crop bean sales in the week of March 12. That was a MY low and 15.42% below the same week last year. China was the largest buyer of 79,900 MT, as 66,000 MT was switched from unknown destinations. Mexico purchased 74,000 MT, with 30,400 MT sold to unknown destinations. 

New crop sales were just 6,600 MT, on the low end of the estimated 0 to 100,000 MT.

Soybean meal sales were tallied at 220,927 MT in the middle of the 150,000-350,000 MT estimates. Soybean oil sales were tallied at 5,241 MT, in the middle of estimates of net reductions of 20,000 MT to net sales of 22,000 MT.

Abiove estimates the Brazilian soybean crop at 177.85 MMT, a 0.73 MMT increase from their previous number. The Buenos Aires Grains Exchange estimates the Argentina soybean crop at 38% good/excellent, up 3% from the previous week.

IGC data from this morning tallied soybean production at 426 MMT for 2025/26, down 2 MMT from last month. Use was down 1 MMT, with stocks slipping 1 MMT to 78 MMT. Output for 2026/27 is seen up 16 MMT yr/yr to 442 MMT, with use up 12 MMT and carryout seen up just 1 MMT to 79 MMT.

May 26 Soybeans  closed at $11.68 1/2, up 6 3/4 cents,

Nearby Cash  was $10.93 1/2, up 6 3/4 cents,

Jul 26 Soybeans  closed at $11.83 1/4, up 6 3/4 cents,

Nov 26 Soybeans  closed at $11.46 1/4, up 4 3/4 cents,

New Crop Cash  was $10.84 3/4, up 4 3/4 cents,