Soybean futures are fractionally to 2 ½ cents higher early on this Friday morning, but still sit 9 cents in the red for the week’s move. Thursday soybean futures were fractionally mixed in the new crop contracts but 1 to 3 cents lower for old crop contracts. Preliminary open interest rose 8,729 contracts on the modestly lower price action. The Soymeal contracts were $3.10 to $3.50 stronger across the front months. Soy Oil futures pulled back 70 points on Thursday which left the market near UNCH for the week’s trade.
Official US soybean exports were 193.4 mbu in February. That was a drop from the 219 mbu in January but was near Feb ‘23’s shipments. Chinese cargoes for that month totaled 3.254 MMT, up 6.6% vs. year ago. The season’s Census official first half export total is 1.3 bbu through Feb.
USDA announced a large export sale of 152,404 MT of soybeans sold to Mexico on Thursday morning under the daily system. Weekly Export Sales data showed just 194,220 MT of soybeans booked in the week of March 29, below the trade estimates which were to see at least 200k MT. New crop sales were at 0. Soymeal sales were tallied at 234,755, MT, with 202,170 MT for the current MY. Bean oil was shown at 3,097 MT.
Brazil’s Ag Ministry indicated that March exports from that country totaled 12.63 MMT. That was down 4.6% vs. March 2023.
May 24 Soybeans closed at $11.80, down 2 1/4 cents, currently up 1 3/4 cents
Nearby Cash was $11.26 5/8, down 2 1/4 cents,
Jul 24 Soybeans closed at $11.92 1/4, down 3 cents, currently up 1 1/2 cents
Nov 24 Soybeans closed at $11.83 3/4, down 1 cent, currently UNCH
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