Soybeans Hold Gains into Thursday’s Close
Soybeans finished off the Thursday session with gains across most contracts, up 1 to 2 ¼ cents. The national front month Cash Bean price from cmdtyView was 2 ¼ cents higher at $9.69 1/2. Soymeal futures closed down $1.40/ton, with Soy Oil futures back up 59 points so far on the session.
NOPA data will be released on Tuesday, with traders looking for the report to show 204.54 MMT in January crush, up 10.1% from the January 2024 total if realized. Soy oil stocks are seen at 1.289 billion lbs.
The weekly Export Sales report showed bean sales at the second lowest for the MY of 185,502 MT, less than half of the previous week’s total. China was the buyer of 222,000 MT, with 205,200 MT to Egypt. Unknown saw net reductions of 356,200 MT, which were mostly switched to a destination, including a total of 206,000 MT to the aforementioned two destinations. There was also 24,600 MT in new crop business, all to Japan.
Meal sales were tallied at 336,736 MT for the week of 2/6, in the middle of the expected 200,000-625,000 MT range. Bean oil sales came in at a net reduction of 2,843 MT in that week, below the 0-35,000 MT estimates.
CONAB trimmed their Brazilian soybean production total in this morning’s report by 0.31 MMT to 166.01 MMT vs. the USDA at 169 MMT.
Mar 25 Soybeans closed at $10.30, up 2 1/4 cents,
Nearby Cash was $9.69 1/2, up 2 1/2 cents,
May 25 Soybeans closed at $10.47, up 1 1/4 cents,
Nov 25 Soybeans closed at $10.45 1/4, up 1 1/4 cents,
New Crop Cash was $9.81, up 1 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.