Soybeans are trading with 15 to 17 cent gains in the front months on Thursday, with new crop November up 8 ¼ cents. The cmdtyView national average Cash Bean price is 15 3/4 cents higher at $10.43 3/4. Soymeal futures are $7.10 to $7.30 higher, with Soy Oil futures down 22 to 25 points in the nearbys.
The average close for November futures for February is used for determining the spring crop insurance price. Thus far the average close has been $10.81, above the $10.54 from last year.
Futures are extending Wednesday’s strength following President Trump seeking to raise the Chinese soybean commitments to 20 MMT for the current season, vs. the 12 MMT previous stated.
USDA’s Export Sales report from this morning showed just 436,949 MT of soybeans sold in the week of 1/29, on the lower side of estimates of 0.4-1.6 MMT. That was down 46.65% from the previous week, but up 32.34% from the same week last year.
Soybean meal sales were tallied 380,335, in the middle of trade expectations of 250,000-500,000 MT. Bean oil sales were at 963 MT, which was on the low side of the 0-25,000 MT estimates.
Mar 26 Soybeans are at $11.08 1/4, up 16 cents,
Nearby Cash is at $10.43 3/4, up 15 3/4 cents,
May 26 Soybeans are at $11.22, up 17 1/4 cents,
Jul 26 Soybeans are at $11.33 1/4, up 16 1/2 cents,
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