Soybeans are trading with contracts 5 to 6 1/2 cents higher in the front months, with new crop lagging behind. Futures closed 18 to 21 ¼ cents higher on Thursday, with new crop contracts up 7 to 11 cents. The cmdtyView national average Cash Bean price was 20 cents higher at $10.47. Soymeal futures are $5 to $7.00 higher, with Soy Oil futures steady to down 11 points in the nearbys. Futures extended Wednesday’s strength following President Trump seeking to raise the Chinese soybean commitments to 20 MMT for the current season, vs. the 12 MMT previous stated.
The average close for November futures for February is used for determining the spring crop insurance price. Thus far the average close has been $10.85, above the $10.54 from last year.
USDA’s Export Sales report from Thursday morning showed just 436,949 MT of soybeans sold in the week of 1/29. That was down 46.65% from the previous week, but up 32.34% from the same week last year. China was the buyer of 233,000 MT, with 104,700 NT sold to Egypt and 81,000 MT to Mexico.
Soybean meal sales were tallied 380,335, in the middle of trade expectations of 250,000-500,000 MT. Bean oil sales were at 963 MT, which was on the low side of the 0-25,000 MT estimates.
Soybean exports out of Brazil in January totaled 1.88 MMT according to the government trade data. That was down 44.54% from December and up 75.51% above the same month last year.
Mar 26 Soybeans closed at $11.12 1/4, up 20 cents, currently up 6 cents
Nearby Cash was $10.47, up 20 cents,
May 26 Soybeans closed at $11.26, up 21 1/4 cents, currently up 6 1/2 cents
Jul 26 Soybeans closed at $11.37 1/4, up 20 1/2 cents, currently up 6 1/4 cents
