Soybeans posted gains of ¼ to 4 cents on Thursday, led by the front months. The cmdtyView national average Cash Bean price was up 3 3/4 cents at $10.97 1/2. Soymeal futures were up $1 to $3.50 on the day, with Soy Oil futures up 28 to 39 points on the day. Crude oil was back up $4.06 on Thursday.
USDA released their monthly WASDE report this morning showing a few changes in the demand projections, with a 35 mbu increase to crush. Exports were trimmed by 35 mbu to take the overall change in the carry out to 0 at 350 mbu. The cash average price was up a dime to $10.30.
South American output from the two main players was left unchanged, at 48 MMT for Argentina and 180 MMT for Brazil. World stocks were trimmed by 0.52 MMT to 124.79 MMT.
Export Sales data from this morning had USDA tallying 295,403 MT of old crop bean business in the week of 4/2. That was the second lowest total for the marketing year, but still 71.42% above the same week last year. China was the buyer of 124,700 MT, with 121,000 MT switched from unknown destination, with Jaoan buying 104,800 MT. New crop sales came in at 0.
Meal sales were pegged at 363,648 MT, in the middle of the 225,000-450,000 MT estimates. Bean oil sales were net reductions of 1,617 MT, in the middle of the trade estimates of 10,000 in net reductions to 12,000 MT in net sales.
May 26 Soybeans closed at $11.65 1/4, up 3 1/4 cents,
Nearby Cash was $10.97 1/2, up 3 3/4 cents,
Jul 26 Soybeans closed at $11.81, up 3 cents,
Nov 26 Soybeans closed at $11.52 1/2, up 1/2 cent,
New Crop Cash was $10.91 1/2, up 3/4 cent,
