Soybean prices rose by 7 to 8 cents on Thursday, with the cmdtyView national average cash bean price reaching $11.03 1/4. Deliveries totaled 244 overnight. Soybean meal futures remained steady to 30 cents lower, while soybean oil futures increased by 184 to 215 points. Crude oil is nearing $80, up $4.78, adding support to soybean prices.
The USDA’s weekly Export Sales report indicated 383,492 MT of soybeans sold in the week ending February 26, falling within the low end of the estimated range and reflecting a 5.8% decrease from the previous week but a 31.11% increase year-over-year. Brazil’s soybean crop is estimated at 183.1 MMT, up 0.85 MMT from previous forecasts.
Statistics Canada reported a projected 2026 soybean planting area of 5.89 million acres, an increase of 108,000 acres from the previous year. Canola planting intentions were estimated at 21.84 million acres, below estimates of 22.3 million acres but up 1% from last year.
