Soybeans are posting 4 to 5 cents across the front months on Thursday’s midday. The cmdtyView national average Cash Bean price is down 4 cents at $10.64 1/2. Soymeal futures are up 40 to 20 cents lower in the front months, with Soy Oil futures 85 to 90 points higher.
Analysts are looking for USDA to report between 375,000 MT and 1.2 MMT of soybean sales in the week ending on February 12 in Friday’s Export Sales report. Meal is seen at 220,000-450,000 MT, with bean oil net reductions of 10,000 to sales of 16,000 MT.
The annual USDA Ag Outlook Forum showed 85 million acres for soybean planted expected this spring. That matched trade estimate and would be an increase of 3.8 million acres from last year if realized. Actual survey driven data will be released in the March intentions report in just over a month. Soybean production was estimated at 4.45 bbu, with yield at 53 bpa.
International Grains Council data showed world soybean stocks up 2 MMT to 79 MMT, as consumption was down 1 MMT, with production up 1 MMT.
Mar 26 Soybeans are at $11.38, up 4 1/2 cents,
Nearby Cash is at $10.72 1/2, up 4 1/2 cents,
May 26 Soybeans are at $11.53, up 4 cents,
Jul 26 Soybeans are at $11.65 1/2, up 4 cents,
