Soybeans got a boost from the meal value on Thursday, with contracts up 14 to 34 ¼ cents across the board. Soymeal paved the way for the rally, with $8 to $15.90/ton gains. Soy Oil closed mixed, with nearby down 2 to 5 points and deferred steady to 2 points higher.
Export Sales data from this morning showed an improvement from the week prior at 413,997 MT of beans sold in the week ending on 4/25. Egypt was the buyer of 146,000 MT, with 112,000 MT sold to Indonesia. USDA also reported new crop bookings at just 7,000 MT. Soybean meal bookings were below the trade range of estimates at just 131,012 MT, with bean oil bookings at a net sale of 7,195 MT.
Census data from March was released this morning, as bean shipments were tallied at 3.05 MMT (112.2 mbu), a drop of 2.6% from last year. Shipments to China were at a 12 year high for the month of 1.767 MMT. Meal exports to all destinations were a all time high for any month at 1.49 MMT. As US bean oil inclusion rates slow down, exports are picking up, with shipments totaling 44,791 MT, a 20-month high.
StoneX left their Brazilian soybean crop estimate at 150.8 MMT in their latest estimates. Rains in southern Brazil have caused some localized flooding, with Rio Grande Do Sul just 66% harvested according to AgRural. The BAGE has Argentina at 51 MMT, unchanged from the previous last year, with harvest at 36.2% complete.
May 24 Soybeans closed at $11.90, up 34 1/4 cents,
Nearby Cash was $11.40 3/4, up 31 cents,
Jul 24 Soybeans closed at $11.99, up 28 3/4 cents,
Nov 24 Soybeans closed at $11.87 3/4, up 22 3/4 cents,
New Crop Cash was $11.24 5/8, up 22 7/8 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
