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.
