The soybean market is seeing bulls push back on Thursday with midday gains of 2 to 3 cents. The national front month Cash Bean price from cmdtyView is up 3 cents at $9.69 1/4. Soymeal futures are down $1.40/ton, with Soy Oil futures back up 65 points so far on the session.
Weekly Export Sales data showed the second lowest for the MY so far at 185,502 MT, below analysts’ estimates of 300,000-800,000 MT for old crop soybean sales during the week of February 6. That was less than half of the previous week’s total. China was the buyer of 222,000 MT, with 205,200 MT to Egypt. Unknown saw net reductions of 356,200 MT, which were mostly switched to a destination, including a total of 206,000 MT to the aforementioned two destinations. There was also 24,600 MT in new crop business, all to Japan.
Meal sales were tallied at 336,736 MT for the week of 2/6, on the middle of the expected 200,000-625,000 MT range. Bean oil sales came in at a net reduction of 2,843 MT in that week, below the 0-35,000 MT estimates.
Brazil’s CONAB trimmed their country’s soybean production total in this morning’s report by 0.31 MMT to 166.01 MMT vs. the USDA at 169 MMT. As for Argentina, the Rosario Grains Exchange cut their estimate for the crop to 47.5 MMT.
Mar 25 Soybeans are at $10.30 3/4, up 3 cents,
Nearby Cash is at $9.69 1/4, up 3 cents,
May 25 Soybeans are at $10.47 3/4, up 2 cents,
Nov 25 Soybeans are at $10.46 3/4, up 2 3/4 cents,
New Crop Cash is at $9.83 1/1, up 3 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.More news from Barchart
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