Soybeans are posting fractional to 2 cent higher trade on Thursday morning. They slipped into the close, as contracts settled with losses of a penny to 4 ¾ cents after NOPA reported an ugly April crush number. Soymeal futures were down $1.60 to $2.70/ton at the close. Soy Oil was up 12 to 24 points as tighter NOPA stocks were reported.
The Wednesday morning NOPA report showed just 166.03 mbu of soybeans crushed during April, a sharp 15.46% from March (one less processing day) and well below the 183 mbu estimate heading in. That was also down 4.16% from a year ago and a 3-year low for April crush. Soybean oil stocks dropped to 1.75 billion lbs, down 5.2% from the end of March.
USDA reported a private export sale of 180,000 MT of soybeans to unknown destinations on Wednesday morning, with 120,000 MT for old crop and 60,000 MT for new crop. Ahead of this Thursday morning Export Sales release, the trade estimates soybean sales for 23/24 at 300,000-550,000 MT, with new crop at 0-100,000 MT. Soybean meal sales are expected in a range of 100,000-575,000 MT in the week of 5/9, with 0-22,000 MT seen for soy oil.
Jul 24 Soybeans closed at $12.13 1/2, down 1 cent, currently up 1 1/4 cents
Nearby Cash was $11.51 3/4, down 1 cent,
Aug 24 Soybeans closed at $12.16 1/4, down 2 cents, currently up 1 1/4 cents
Jan 25 Soybeans closed at $12.12 1/4, down 4 cents, currently up 3/4 cents
New Crop Cash was $11.44, down 4 cents,
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