13/06/2024 (Bar Chart) - Soybeans are pushing higher on Thursday, helped by meal strength. Bean contracts are up 9 to 10 cents across the nearby contracts.  Soymeal futures are bouncing at midday, with July up $7.30/ton. Soy Oil futures are down 8 points in the July contract.

USDA announced another private export sale of 120,000 MT of old crop beans to unknown destinations this morning. That follows the combined 210,000 MT in sales from earlier this week.

This morning’s weekly Export Sales report showed a total of 377,098 MT of beans booked in the week that ended on June 6, a 5-week high. That is still well above what was reported for the same week last year and in the middle of the trade range of estimates. China is still in for some beans, with 109,100 MT reported in sales, and 56,600 MT to the Netherlands. New crop business continues to drag on things, with just 3,020 MT reported.

Soybean meal sales were tallied at just 143,270 MT for the current marketing year, with 27,064 MT for the 24/25 MY. The combined sales were shy of the trade’s expected range of 175,000-500,000 MT. Bean oil sales were an impressive 14,626 MT for the currentl MY, with 3,200 MT for the next year.

Updated CONAB data showed a slight 0.33 MMT cut to projected bean production at 147.35 MMT from this morning. That compares to the 153 MMT from USDA on Wednesday.

Jul 24 Soybeans  are at $11.86 1/4, up 9 cents,

Nearby Cash  is at $11.30 3/4, up 9 1/4 cents,

Aug 24 Soybeans  are at $11.75 1/4, up 8 1/2 cents,

Nov 24 Soybeans  are at $11.57, up 9 3/4 cents,

New Crop Cash  is at $11.01 1/1, up 10 cents,

https://www.barchart.com/story/news/26806645/soybeans-leading-the-charge-higher