Soybean Market Steady to Higher

Overnight trading has May beans UNCH, but other contracts are as much as 2 cents higher this morning. Bean futures closed with losses of as much as 4 cents on Thursday. Open interest is rising, with new money coming into the market after the first of the month. Soymeal futures were down by $5.80/ton in May. Bean oil futures closed 19 points higher. Soybean bookings from the Export Sales update were 957,417 MT for the week. China purchased 7.7% of the week’s sales. Soymeal sales were 125,158 MT, which is down 35% yr/yr. Bean oil sales were a MY high of 66,967 MT. Official soybean exports for the month of Feb were 101.37 mbu, down 4.5% from January but 10.17% higher yr/yr. February soymeal exports per Census data were a record for the month @ 1.259 MMT. Soybean oil exports for Feb were the largest since May 2018 (highest Feb since 2010). The BA Grain Exchange lowered their forecast for Argentine soybeans to 49.5 MMT citing lower than expected yields.

--- provided by Brugler Marketing & Management

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