Soybeans are holding onto the Thursday gains, as contracts are up 6 to 12 cents so far at midday. CmdtyView’s national front month Cash Bean price is up 11 cents at $9.70 3/4. Soymeal futures are up $1.30/ton, with Soy Oil futures 9 points lower.
USDA reported 2024/25 soybean sales at 172,324 MT in the week ending on April 3, coming in on the low side of the 200,000 to 700,000 MT estimates. Soybean meal sales came in at 276,000 MT vs. the estimated 75,000 to 470,000 MT, with bean oil at 20,20 MT vs. expectations at 5,000 to 37,000 MT.
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 carryin, 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 are at $10.24, up 11 1/4 cents,
Nearby Cash is at $9.70 3/4, up 11 cents,
Jul 25 Soybeans are at $10.32 1/2, up 9 cents,
Nov 25 Soybeans are at $10.03, up 6 cents,
New Crop Cash is at $9.42, up 6 1/2 cents,
