Soybean Market Update: Gains and Sales Figures for April
Soybeans are seeing gains of 6 to 8 cents across most contracts on Thursday. There were three deliveries against May soybeans overnight. CmdtyView’s national front month cash bean price is up 9 1/2 cents, currently at $9.98 1/2. In related markets, soymeal futures are down by $2.30 to $2.50 per ton, while soy oil futures have risen by 97 points. Overnight deliveries included 563 for May meal and 164 for May bean oil.
USDA Sales Report and Market Analysis
The USDA reported 428,227 metric tons (MT) in old crop soybean sales for the week ending April 24, exceeding estimates that ranged from 150,000 to 600,000 MT. This figure is up 54.6% from the previous week and 3.4% higher than the corresponding week last year. Notably, China purchased 139,400 MT, while 134,000 MT were switched from an unknown source, and Germany bought 70,000 MT. For new crop sales, 50,000 MT were recorded, all sold to Mexico, falling within the 0 to 100,000 MT projection.
Soybean Meal and Oil Sales Trends
Soybean meal sales surged to 328,219 MT, sitting on the higher end of the 150,000 to 450,000 MT estimates, marking an 11-week high. In contrast, soybean oil sales totaled 8,200 MT, landing on the low side of the 4,000 to 30,000 MT estimates, representing an 11-week low.
Upcoming Reports and Projections
A Bloomberg survey of analysts predicts that March soybean crush will reach 205.9 million bushels, which would indicate an increase of 1.2% from last year if realized. The report is scheduled to be released later this afternoon.
Current Market Prices
May 25 Soybeans: $10.41 1/4, up 6 1/2 cents
Nearby Cash: $9.98 1/2, up 9 1/2 cents
Jul 25 Soybeans: $10.51 3/4, up 7 1/4 cents
Nov 25 Soybeans: $10.25 1/4, up 7 cents
New Crop Cash: $9.63 1/4, up 7 1/4 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy.
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