On Friday, soybean futures saw losses of 5 to 8 cents despite earlier gains, with March contracts closing at $12.13, up 12.5 cents. Preliminary open interest increased by 9,786 contracts as of Thursday. The national average cash bean price rose to $11.52 1/4, marking a 13 1/4 cent increase.
USDA Export Sales data revealed 456,740 metric tons of old crop soybeans sold for the week ending March 5, the largest amount in three weeks but still 34.15% lower than last year. Indonesia was the leading buyer, purchasing 204,300 MT. Additionally, soybean meal sales were recorded at 166,002 MT, while soybean oil experienced net cancellations of 2,835 MT.
January soybean exports reached 5.821 million metric tons, surpassing the previous year’s figure, with meal exports setting a record at 1.678 million metric tons. Brazil’s latest soybean crop estimate was adjusted slightly downward to 177.85 million metric tons.
