Soybeans are trading with midday gains of 9 to 12 cents in the front months so far at Thursday’s midday. Support was noted from Export Sales data. Soymeal futures are up $1.40 in the October contract at midday. Soy Oil futures are 102 points higher in September ahead of first notice day.
This morning’s Export Sales report tallied a total of 143,600 MT in net reductions of old crop for the week of August 22, on the lower side of the expectations of net reductions of 150,000 MT to net sales of 150,000 MT. New crop export business was hot in that week, with 2.616 MMT in sales as we had previously known about 1.38 MMT. That was a MY high and above the estimates calling for 1.5 to 2.5 MMT. Sales of 870,000 MT were reported to China, with 845,600 MT sold to unknown destinations.
Meal sales totaled 21,247 MT in the week of 8/22 for 2023/24, with the 2024/25 sales reported at 428,921 MT. Soybean oil sales were pegged at just 1,077 MT during that week.
Sep 24 Soybeans are at $9.70 1/2, up 12 cents,
Nearby Cash is at $9.39 1/4, up 11 cents,
Nov 24 Soybeans are at $9.89, up 12 cents,
Mar 25 Soybeans are at $10.19 1/2, up 9 3/4 cents,
New Crop Cash is at $9.31 1/8, up 11 3/4 cents,
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