Soybeans closed 18 to 21 ¼ cents higher on Thursday, with new crop contracts up 7 to 11 cents. The cmdtyView national average cash bean price was 20 cents higher at $10.47.
Soymeal futures gained $5 to $7.00, while Soy Oil futures were steady to down 11 points in the nearby contracts. Futures extended Wednesday’s strength following President Trump’s announcement seeking to raise the Chinese soybean commitments to 20 MMT for the current season, compared to the previously stated 12 MMT.
The average close for November futures for February is used to determine the spring crop insurance price. So far, the average close has been $10.85, which is above last year’s $10.54.
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**USDA Export Sales Report**
The USDA’s Export Sales report from this morning showed 436,949 MT of soybeans sold in the week of January 29. This figure was down 46.65% from the previous week but up 32.34% from the same week last year.
China was the largest buyer with 233,000 MT, followed by Egypt with 104,700 MT and Mexico with 81,000 MT. Soybean meal sales totaled 380,335 MT, falling in the middle of trade expectations of 250,000 to 500,000 MT. Bean oil sales were at 963 MT, on the low side of the estimated range of 0 to 25,000 MT.
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**Brazil Soybean Exports**
Soybean exports out of Brazil in January totaled 1.88 MMT, according to government trade data. This represents a 44.54% decline from December but a 75.51% increase compared to the same month last year.
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**Closing Prices**
– Mar 26 Soybeans closed at $11.12 ¼, up 20 cents
– Nearby Cash was $10.47, up 20 cents
– May 26 Soybeans closed at $11.26, up 21 ¼ cents
– Jul 26 Soybeans closed at $11.37 ¼, up 20 ½ cents
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*On the date of publication, Austin Schroeder did not hold (directly or indirectly) positions in any of the securities mentioned in this article. All information and data presented are for informational purposes only.*
For more information, please view the [Barchart Disclosure Policy](https://www.barchart.com/disclosure).
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*The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.*
https://www.nasdaq.com/articles/soybean-rally-continues-thursday