Soybeans Higher So Far on Thursday

The soybean market is trading with contracts steady to 4 cents higher so far on Thursday. CmdtyView’s national front month Cash Bean price is up 3 3/4 cents at $9.50 1/2. Soymeal futures are trading with losses of $1/ton, as Soy Oil futures are up 38 points on the day.

USDA’s Export Sales report indicated a total of just 352,580 MT in 2024/25 soybean sales in the week of March 13, shy of the estimated 0.4 to 0.9 MMT. That was a 5- week low and down 28.6% from last year. China was the buyer of 269,900 MT, with Taiwan purchasing 60,000 MT. There was 62,900 MT in reductions for unknown, mostly switched to China (266,100 MT). New crop sales were just 100 MT, vs. expectations at 0-50,000 MT. 

Soybean meal totaled just 182,243 MT on the lower side of the trade’s 140,000 to 470,000 MT expectations. That was a 3-week low a 97,500 MT was headed to the Philippines. Bean oil sales were at 34,179 MT, in the middle of the 15,000 to 60,000 MT. That was still a 3-week low, with unknown buying 20,000 MT. 

International Grains Council data showed the 2024/25 world ending stocks projection steady at 82 MMT on Wednesday morning. The initial 2025/26 projection shows a 9 MMT increase in production yr/yr, with stocks seen at 83 MMT.  

May 25 Soybeans  are at $10.12, up 3 3/4 cents,

Nearby Cash  is at $9.50 1/2, up 3 3/4 cents,

Jul 25 Soybeans  are at $10.24 1/4, up 2 3/4 cents,

Nov 25 Soybeans  are at $10.10, unch,

New Crop Cash  is at $9.46 1/4, up 1/4 cent,