Soybean prices experienced a slight dip from midday highs but remained higher by 2½ to 13¼ cents, with the cmdtyView national average cash bean price rising 13¼ cents to $11.52¼. Soymeal futures increased by $1.90 to $4.80, while soy oil futures gained 13 to 26 points. Crude oil prices rose by $9.15 on Thursday, contributing to market support.
The USDA reported export sales of 456,740 metric tons of old crop soybeans for the week ending March 5, marking a 34.15% decrease compared to the same week last year. Indonesia was the top buyer at 204,300 metric tons, followed by Mexico at 129,900 metric tons and Egypt at 107,800 metric tons. January’s soybean exports reached 5.821 million metric tons, an increase from the previous year, with soybean meal exports hitting a record 1.678 million metric tons for any month.
