Thursday Bean Trades Closed Higher

Soybeans backed off initial gains on Thursday but still closed in the black. Futures were up by 1 ¾ to 4 cents across the front months, as May saw a 22 ¾ cent range for the day. Soymeal futures ended the Thursday session up by $1.80 to $2.20. The nearby Soy Oil futures closed off the day’s lows but still 15 to 21 points weaker. 

USDA’s weekly Export Sales data had 494k MT of soybeans booked during the week that ended 3/14. That was inline with estimates and up 31% from the week prior. Total commitments are now 40.16 MMT, or 19% behind last year’s pace. 

The week’s soymeal bookings were shown at 243k MT, which brought total old crop commitments to 10.1 MMT. BO bookings were back down to 1.9k MT for the week. 

USDA’s attache released their preliminary 24/25 estimates for Chinese soybean imports at 103 MMT. That would be down from the 103-105 MMT forecasted for old crop.  

Brazilian freight sources are expecting March soybean exports to reach 14 MMT (514 million bushels).  If achieved, that would be 6% above last March and a new record for the month. For perspective, US soybean crush for the entire Sep-Nov quarter was 576 million bushels. 

 

May 24 Soybeans  closed at $12.12, up 2 1/2 cents,

Nearby Cash   was $11.55 5/8, up 2 1/2 cents,

Jul 24 Soybeans  closed at $12.25 3/4, up 2 1/2 cents,

Nov 24 Soybeans  closed at $12.04 1/4, up 4 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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