Soybeans are trading with contracts 4 to 10 cents higher at midday. CmdtyView’s national front month Cash Bean price is up 4 cents at $9.51 1/2. Soymeal futures are down $1.20/ton in the nearbys, with Soy Oil futures 31 points higher. There were 30 deliveries issued against the expiring March contract overnight, with 125 for March meal and 24 for bean oil.
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.
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The Buenos Aires Grain Exchanges estimates the Argentina soybean crop at 32% excellent, up 3% from last week and poor ratings down 1% to 26%.
Mar 25 Soybeans are at $9.96 3/4, up 9 1/4 cents,
Nearby Cash is at $9.51 1/2, up 4 cents,
May 25 Soybeans are at $10.14 1/2, up 3 3/4 cents,
Nov 25 Soybeans are at $10.15 3/4, up 4 cents,
New Crop Cash is at $9.51 3/4, up 3 1/2 cents,
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