Soybeans saw a bounce back on Thursday with contracts closing 5 to 11 cents in the green. CmdtyView’s national front month Cash Bean price is back up 10 1/2 cents at $9.48 1/2. Soymeal futures were on the move higher, up $4.70 to $7.90/ton in the nearbys on Thursday, with Soy Oil futures 29 to 40 points lower. Union workers at Argentina soybean processing plants went on strike overnight, but have since halted the strike this as of Thursday afternoon. 

USDA’s Export Sales report from this morning showed bookings besting trade estimates at 751,651 MT for 2024/25 soybean sales. That was a 7-week high and well above the same week last year. China was the top buyer of 208,300 MT, most of which was switched from unknown, with Indonesia buying 151,800 MT. Sales for new crop were 43,144 MT. The total for 2024/25 export commitments has now reached 45.069 MMT, which is 14% larger than last year. That is also 91% of USDA’s export forecast for the marketing year, matching the average sales pace. 

Soybean meal sales backed off to 186,361 MT, below the range of 190,000 to 410,000 MT estimates. Bean oil sales were at 68,512 MT, between the 40,000 and 85,000 MT range of estimates.

The Rosario Grains Exchange trimmed their Argentina soybean crop projection by 1 MMT to 46.5 MMT. CONAB raised their Brazilian soybean crop estimate by 1.36 MMT to 167.37 MMT.

Mar 25 Soybeans  closed at $9.96 3/4, up 9 1/4 cents,

Nearby Cash  was $9.48 1/2, up 10 1/2 cents,

May 25 Soybeans  closed at $10.10 3/4, up 10 1/4 cents,

Nov 25 Soybeans  closed at $10.11 3/4, up 5 1/4 cents,

New Crop Cash  was $9.47 1/4, up 5 1/4 cents,