Soybean futures are posting 9 to 18 cent gains so far on Thursday, as meal is helping to push things higher. Soymeal futures got a positive export sales report, with midday price action up $8.40/ton. Soy Oil futures are the weak spot of the complex again today, with losses of 14 points in the front month.
A private export sale of 264,000 MT of soybeans was reported this morning to unknown destinations for 2024/25 shipment.
USDA’s Export Sales report was released this morning, with sales for 2023/24 at a 21-week low of just 88,649 MT, which was also below estimates running 100,000 to 400,000 MT. Sales for the new crop marketing year were on the high end of the 500,000 to 900,000 MT range at a MY high of 829,675 MT in the week ending 7/18, with 723,100 MT sold to unknown destinations.
Soybean meal sales were on the high end of the trade estimates, with 2023/24 sales at an 8-week high of 258,117 MT, with 520,886 MT sold for the next crop year, a MY high. Bean oil sales totaled 6,870 MT for 2023/24 and net reductions of 3,066 MT for 2024/25.
Aug 24 Soybeans are at $11.20, up 9 cents,
Nearby Cash is at $10.95 3/8, up 8 1/2 cents,
Nov 24 Soybeans are at $10.81 1/2, up 17 1/2 cents,
Jan 25 Soybeans are at $10.96, up 18 1/4 cents,
New Crop Cash is at $10.35 1/2, up 17 1/2 cents,
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