Beans Firm Up By Double Digits on Thursday

The Thursday soybean market ended the day 9 ½ to 18 cents stronger with May closing just ¾ of a cent under the day’s high. November futures remain at a 12 ½ cent discount to the May price. Soy Oil futures led the way with 101 point gains of over 2.2%. Soymeal futures closed with $4 to $5/ton gains. 

USDA’s weekly Export Sales report showed 613,534 MT of soybeans were shipped during the week that ended 2/29. That was a 7-week high and was at the upper end of expectations. The season’s commitments were marked at 39.43 MMT (1.45 bbu), which is now 9% behind last year’s pace (vs -9.9% the week prior). 

Census data showed the official U.S. soybean export was 5.96 MMT in January. That is up from 8.56 MMT last year. 

Official Brazilian soybean shipments were 6.61 MMT in February. That was up from 5 MMT during Feb ’23. 

Chinese customs data showed 2024 soybean imports are off to a 5-yr low start as 13.04 MMT have been brought in over the first two months. 

Brazil’s soybean harvest via AgRural reached 48% finished, which is still 5% points ahead of last year’s pace.  

Mar 24 Soybeans  closed at $11.57, up 16 3/4 cents,

Nearby Cash   was $11.08 1/1, up 18 3/8 cents,

May 24 Soybeans  closed at $11.66 1/4, up 18 cents,

Jul 24 Soybeans  closed at $11.76, up 17 1/4 cents,

Nov 24 Soybeans  closed at $11.53 3/4, up 11 1/2 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.