Soybeans Holding Higher on Thursday, Helped by Export Sales

Soybean futures are showing 3 to 6 cents across most contracts on Thursday, as strength among the products and export business picking up is providing support. Soymeal futures are showing $3.70 to $4.70 per ton gains.  Soy Oil is posting 5 to 7 point gains at midday.

Soybean export sales came in at 221,715 MT in Thursday’s Export Sales report for the 2023/24 crop. Sales for the 2024/25 marketing year were at 1.344 MMT for the week that ended in August 8, a MY high. China purchased 536,000 MT, with unknown destinations in for 483,000 MT. 

Meal bookings were at 113,686 MT for the current, with 140,096 MT sold for the next marketing year. Bean oil saw just 737 MT in sales.

NOPA data released this morning showed July crush at 182.88 million bushels among its members, slightly above estimates. That was a 5.5% increase over the same month in 2023 and 4.15% larger than in June. Soybean oil stocks were tallied at 1.499 billion pounds as of July 31, a drop of 1.83% from a year ago and a draw of 7.59% from the end of June.

World soybean production was raised by 4 MMT via the International Grains Council’s latest estimate to 419 MMT. Consumption was up 2 MMT, as stocks were raised by 3 MMT to 82 MMT.

Sep 24 Soybeans  are at $9.55 1/2, up 3 1/4 cents,

Nearby Cash  is at $9.38 1/2, up 3 1/4 cents,

Jan 25 Soybeans  are at $9.91 3/4, up 5 1/4 cents,

Mar 25 Soybeans  are at $10.07 3/4, up 5 3/4 cents,

New Crop Cash  is at $9.16 7/8, up 4 cents,

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