The new crop export sale this morning helped prop up the soybean market for double digit gains. Soymeal futures actually led the way on Wednesday with $8 gains of over 2.4%. Beans finished the session over the $12 mark with 14 ¾ to 23 cent gains. Nov is now a 9 ¼ cent discount to spot prices. Rounding out the soy complex, Soy Oil futures also rallied by over 1% with 80 point gains.
Front month Canadian Canola Prices were up by over 2% on the day, now sitting 13% off the contract lows.
USDA reported a 120k MT sale of new crop soybeans to unknown this morning. Weekly old crop export business is expected between 250,000 MT and 800,000 MT for the week that ended 3/14. Traders are looking for new crop sales to come in below 100k MT in the report tomorrow morning. Meal sales are expected to be between 150k MT and 450k MT.
China is approving GMO soybean varieties in an effort to boost abysmal average yields that are not only below the US and Brazil but also consistently below the world average.
Brazil’s AgRural had soybean harvest at 63% complete as of 3/14. That was up from 55% last week and remains ~1% point ahead of last year’s pace.
May 24 Soybeans closed at $12.09 1/2, up 24 cents,
Nearby Cash was $11.52 1/4, up 23 1/4 cents,
Jul 24 Soybeans closed at $12.23 1/4, up 23 cents,
Nov 24 Soybeans closed at $12.00 1/4, up 19 cents,
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