Soybeans are trading with 7 to 11 cent gains so far on Friday morning. Crude oil continues to provide some more spillover support, up another $5.32 on Friday morning. Bean futures were higher on Thursday led by the bean oil market, as the raw beans were up 3 to 9 ¾ cents at the close, led by the nearbys. Open interest rose 7,487 contracts. There were 9 deliveries against March beans overnight. The cmdtyView national average Cash Bean price was up 9 3/4 cents at $11.05 1/2. Soymeal futures were 50 cents to $2.40 lower on the day, with Soy Oil futures 67 to 223 points higher in the front months. There were another 50 deliveries against March soy meal overnight with 71 for bean oil.
Ahead of the Trump/Xi meeting later in March, Secretary Bessent has indicated he looking for China to expand purchases of US soybeans, accord to a WSJ article.
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The weekly Export Sales report from USDA showed 383,492 MT of soybeans sold in the week of 2/26. That was down 5.8% from the previous week, but 31.11% above the same week last year. China was the buyer of 153,100 MT, with 133,000 MT switched from unknown, as 133,000 MT was sold to the Netherlands and 110,400 MT to Egypt.
Soybean meal sales were pegged at 255,760 MT, sneaking into the range of 200,000-550,000 MT estimates. Bean oil sales were tallied at 7,662 MT, which was in the middle of the estimates ranging from net reductions of 20,000 MT to net sales of 26,000 MT.
Brazil’s soybean crop is estimated at 183.1 MMT according to AgroConsult, up 0.85 MMT from their previous number. February exports out of Brazil were tallied at 7.113 MMT, more than triple January and 10.66% above Feb 2025. Soybeans in Argentina are estimated at 30% good/excellent according to the Buenos Aires Grains Exchange, up just 1 percentage point from last week.
Statistics Canada released planting intentions data for 2026 this morning, with canola estimated at 21.84 million acres, well shy of estimates of 22.3 million acres coming in. That was still up 1% from the same total last year. Soybean acres are seen at 5.89 million acres, up 108,000 acres from a year ago.
Mar 26 Soybeans closed at $11.63 3/4, up 9 1/4 cents, currently up 7 1/2 cents
Nearby Cash was $11.05 1/2, up 9 3/4 cents,
May 26 Soybeans closed at $11.79 1/4, up 9 3/4 cents, currently up 11 cents
Jul 26 Soybeans closed at $11.92 1/2, up 9 1/2 cents, currently up 10 1/2 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.
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