Soybeans Popping Higher on Thursday

Soybeans are trading with 3 to 4 cent gains across most contracts early on Friday, Futures closed out the Thursday session with contracts 4 to 7 cents across most months. Preliminary open interest was up 3,770 contracts on Thursday, suggesting some very slight net new buying. There were 3 deliveries issued against May beans overnight. CmdtyView’s national front month Cash Bean price was up 8 3/4 cents at $9.97 3/4. Soymeal futures were down $1.60 to $3.70/ton, with Soy Oil futures back up 60 to 80 points. There were another 11 delivery notices against May meal futures overnight, with 165 for bean oil.USDA to showed 428,227 MT of old crop soybean sales in the week of 4/24, up 54.6% from last week and 3.4% above the same week last year. China was the buyer of 139,400 MT, with 134,000 MT switched from unknown, and Germany buying 70,000 MT. New crop was tallied at 50,000 MT, all sold to Mexico. Soybean meal export business boomed out to 328,219 MT, which was on the higher side of 150,000 to 450,000 MT estimates and an 11-week high, with soybean oil sales totaled 8,200 MT, on the low side of the 4,000 to 30,000 MT estimates and an 11-week low.March soybean crush was reported at 206.5 million bushels according to the NASS Fats & Oils report release on Thursday, exceeding estimates. That was up 1.49% from last year and 8.97% larger than last month. Year to date crush since September 1 has totaled 1.439 billion bushels, which is 4.88% ahead of the same period last year.Soybean harvest in Argentina has progressed 9 percentage points to 24% according to the Buenos Aires Grain Exchange, now behind the 36% pace from last year. May 25 Soybeans closed at $10.40 1/4, up 5 1/2 cents, currently up 3 1/4 centsNearby Cash was $9.97 3/4, up 8 3/4 cents,Jul 25 Soybeans closed at $10.50 1/4, up 5 3/4 cents, currently up 3 1/4 centsNov 25 Soybeans closed at $10.24, up 5 3/4 cents, currently up 3 3/4 centsNew Crop Cash was $9.62 1/1, up 6 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. For more information please view the Barchart Disclosure Policy here.