06/06/2024 (Bar Chart) - Soybeans are trading 20 to 24 cents higher on Thursday as we get into the noon hour. Soymeal is trading $3.40 to $4.80 higher.    Soy Oil futures have overcome recent weakness and are up 125 to 130 points or more.

Trade estimates for US soybean export sales in the week ending May 30 were 175,000 to 600,000 MT for old crop, with new crop expected to see no more than 200,000 MT. USDA confirmed old crop soybean export sales were on the low end of expectations at 189,600 MT. Sales for 2024/25 continued to be sluggish at 73,800 MT, with one vessel to “unknown destinations” but still no overt Chinese purchases.

Weekly soybean meal export sales totaled 250,200 MT for current year shipment (within trade estimates) and 4,100 MT for 2024/25.  Soy oil bookings for the week showed a net gain of 6,000 MT to Jamaica, Canada and Mexico.

Official Census exports for April were 1.77 MMT for soybeans, down 29.6% vs. April 2023 and down about 42% from March. Meal and oil shipments also declined vs. March, but the former were up 11.8% vs. March 2023.  Soy oil shipments were only 22 million lbs. vs. 99 million in March.

Consultant Michael Cordonnier has raised his estimated US soybean acreage 300,000 (to 86.8 million) due to the corn planting delays in the WCB.

Jul 24 Soybeans  are at $12.02, up 24 3/4 cents,

Nearby Cash  is at $11.45 5/8, up 24 3/4 cents,

Aug 24 Soybeans  are at $11.96 1/4, up 22 cents,

Nov 24 Soybeans  are at $11.70, up 19 1/2 cents,

New Crop Cash  is at $11.14 7/8, up 19 5/8 cents,

https://www.barchart.com/story/news/26669392/soybeans-working-on-20-cent-thursday-gains