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Soybeans reverted from the early gains on Thursday with contracts closing 1 to 3 cents lower. The cmdtyView national average Cash Bean price is 2 3/4 cents lower at $10.05. Soymeal futures were $0.60 to $1.80 lower, with Soy Oil futures 21 to 28 points lower.
USDA released Export Sales data for the week ending on 1/22 this morning, with a total of 818,972 MT of soybean sold that week. That was just a third of the previous week’s sales, but still more than double the same week last year. China was the top buyer of 233,500 MT< with Egypt buying 171,000 MT, and 70,700 MT sold to Mexico.
Soybean meal sales were tallied at 464,297 MT, on the higher side of estimates between 225,000 and 500,000 MT. Soybean oil sales were at 22,052 MT, in the higher end of trade ideas of a range of 0 to 26,000 MT.
Census trade data showed November soybean exports at just 4.29 MMT (157.73 mbu), which was the lowest total for the month since 2007. Meal shipments were back down from last year’s record at 1.34 MMT for November, with bean oil at 45,810 MT.
USDA will release crush data on Monday, with traders looking for 230.4 mbu of soybeans crushed during December.
Mar 26 Soybeans closed at $10.72 1/4, down 2 3/4 cents,
Nearby Cash was $10.05, down 2 3/4 cents,
May 26 Soybeans closed at $10.85 3/4, down 2 cents,
Jul 26 Soybeans closed at $10.99 3/4, down 1 1/4 cents,
