On Thursday, soybean prices increased by 1 to 3 cents, with the cmdtyView national average cash bean price rising 3.25 cents to $10.97. Soymeal futures gained $2.30 to $3.50, while soy oil futures dropped by 30 to 35 points. Crude oil prices also rose by $3.21.
The USDA’s monthly WASDE report released on Thursday showed a 35 million bushel increase in the crush demand for soybeans, while exports were reduced by the same amount, keeping the carryout at 350 million bushels. Cash average prices for soybeans increased to $10.30. South American production estimates remained unchanged, with Argentina at 48 million metric tons (MMT) and Brazil at 180 MMT. World stocks were lowered by 0.52 MMT to 124.79 MMT.
In the week ending April 2, USDA reported 295,403 metric tons of old crop soybean exports, falling within trade estimates of 200,000-600,000 MT, marking the second lowest tally for the marketing year but still 71.42% above the same week last year. New crop sales reported no activity.
