Soybeans were are posting midday gains of 8 to 12 cents so far on Thursday. CmdtyView’s national front month Cash Bean price is back up 12 1/4 cents at $9.49 1/4. Soymeal futures were down $1.70 to $2.50/ton in the nearbys on Wednesday, with Soy Oil futures 19 to 26 points lower. There were 40 deliveries issued for March soybean futures overnight, all stopped by the Bunge house account. There were 102 March soybean meal deliveries, all by the Bunge house account, with 34 soybean oil deliveries. Union workers at Argentina soybean processing plants went on strike overnight despite a government order to remain working. 

USDA’s Export Sales report from this morning showed bookings besting trade estimates of 275,000 to 700,000 MT, at 751,651 MT for 2024/25 soybean sales. That was a 7-week high and well above the same week from 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, compared to estimates at 0-100,000 MT. 

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  are at $9.99 1/4, up 11 3/4 cents,

Nearby Cash  is at $9.49 1/4, up 12 1/4 cents,

May 25 Soybeans  are at $10.12 3/4, up 12 1/4 cents,

Nov 25 Soybeans  are at $10.15, up 8 1/2 cents,

New Crop Cash  is at $9.50, up 8 cents,