Soybeans are starting off Friday with 2 to 4 cent gains. Futures posted gains of ¼ to 4 cents on Thursday, led by the front months. Open interest suggested a rotation of ownership, up just 248 contracts. 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. Front month May is up $6.30 this morning. Soy Oil futures were up 28 to 39 points on Thursday.
USDA released their monthly WASDE report Thursday 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 Thursday 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, currently up 4 cents
Nearby Cash was $10.97 1/2, up 3 3/4 cents,
Jul 26 Soybeans closed at $11.81, up 3 cents, currently up 3 3/4 cents
Nov 26 Soybeans closed at $11.52 1/2, up 1/2 cent, currently up 2 3/4 cents
New Crop Cash was $10.91 1/2, up 3/4 cent,
