Soybeans are pushing higher again on Friday, with midday gains of 18 to 20 cents in the front months. The cmdtyView national average Cash Bean price is up 18 3/4 cents at $11.24 1/4. Soymeal futures are $7.50 to $8.50 higher on the day, with Soy Oil futures 45 to 60 points higher in the front months. There were another 50 deliveries against March soy meal overnight with 71 for bean oil. Crude oil futures are up $10.10 at midday to continue the spillover support.
The weekly Export Sales report now has export commitments for soybeans at 36.034 MMT, which is 84% of the USDA export estimate and behind the 92% average sales pace. Shipments are 61% of USDA’s number at 26.154 MMT, lagging the 78% average shipping pace.
