Soybeans are trading with 7 to 13 cent gains at midday, led by the meal. The cmdtyView national average Cash Bean price is up 13 cents at $11.10 1/4. Soymeal futures are rallying $12 to $15 at midday, with Soy Oil futures down 50 to 53 points on Friday.
USDA reported a private export sale of 100,000 MT of soybean meal to Italy this morning.
Export Sales data from Thursday has export commitments at 37.905 MMT, a 18% drop from the same period last year. That is now 90% of the new USDA estimate and behind the 95% average pace. Shipments at 30.52 MMT are 73% of the USDA number, lagging the 84% average pace.
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.
May 26 Soybeans are at $11.78 1/4, up 13 cents,
Nearby Cash is at $11.10 1/4, up 13 cents,
Jul 26 Soybeans are at $11.93, up 12 cents,
Nov 26 Soybeans are at $11.59 3/4, up 7 1/4 cents,
New Crop Cash is at $10.98 1/4, up 7 1/4 cents,
