The soybean market posted Thursday gains of 7 to 17 cents across most contracts at the close, following the USDA data release. CmdtyView’s national front month Cash Bean price was up 17 cents at $9.76 3/4. Soymeal futures were up $2.10to $3.50/ton, with Soy Oil futures closing 4 to 13 points higher.
USDA reported 2024/25 soybean sales at 172,324 MT in the week ending on April 3, which was an 8-week low for sales. China was the buyer of 141,300 MT, with 132,000 MT switched from unknown destinations. Chinese unshipped sales now total just 395,000 MT. New crop came in a 0 MT.
Soybean meal sales came in at 275,955 MT vs. the estimated 75,000 to 470,000 MT and a 7-week high. Bean oil was tallied at 20,195 MT vs. expectations at 5,000 to 37,000 MT and back up from last week.
USDA updated the US and World balance sheets this morning via the monthly WASDE, trimming the US carryout by 5 mbu to 375 mbu. That came as imports were raised by 5 mbu, and crush upped by 10 mbu to 2.42 bbu.
Argentina down was left unchanged at 49 and Brazil estimates steady at 169 MMT. World carryout was increased by 1.06 MMT to 122.47 MMT. That mainly was from a larger carry-in, up 2.72 MMT as Brazil production from 2023/24 was raised by 1.5 MMT. CONAB updated crop estimates from this morning showed a slight increase to the Brazilian soybean crop at 167.87 MMT, a 0.5 MMT hike. The Rosario Grains exchange trimmed their estimate for the Argentina soybean crop by 1 MMT to 45.5 MMT on Wednesday.
May 25 Soybeans closed at $10.29, up 16 1/4 cents,
Nearby Cash was $9.76 3/4, up 17 cents,
Jul 25 Soybeans closed at $10.36 3/4, up 13 1/4 cents,
Nov 25 Soybeans closed at $10.04 3/4, up 7 3/4 cents,
New Crop Cash was $9.44 3/4, up 8 cents,
