Soybeans are posting double digit gains in the front months on Thursday, up 14 to 17 cents. The cmdtyView national average Cash Bean price is up 14 3/4 cents at $11.54. Soymeal futures are up $3.70 to $5.30, with Soy Oil futures are up 30 to 40 points at midday. Crude oil is up another $7.90 at midday.
USDA Export Sales data from this morning showed 456,740 MT of old crop soybean sold in the week ending on 3/5, the middle of traders expecting to see 250,000-800,000 MT. That was the largest in 3 weeks, but still 34.15% below the same week last year. New crop business was 9,518 MT, within the range of the estimated at 0-100,000 MT.
Soybean meal sales were 166,002 MT, which was on the low end of estimates 150,000 to 400,000 MT. Soybean oil sales totaled net cancellations of 2,835 MT.
January soybean exports were tallied at 5.821 MMT (157.9 mbu), above the year prior. Meal exports were a record for any month at 1.678 MMT, with bean oil at 77,396 MT.
Cargill halted exports out of Brazil to China due to tighter sanitary inspection changes following a request from China.
Mar 26 Soybeans are at $12.17 1/4, up 16 3/4 cents,
Nearby Cash is at $11.54 1/1, up 14 3/4 cents,
May 26 Soybeans are at $12.28 3/4, up 14 3/4 cents,
Jul 26 Soybeans are at $12.41 3/4, up 14 1/2 cents,
