Soybean futures saw 5 to 8 1/2 cent gains in most contracts on Thursday. That is following reports that several Memorandum of Understandings are being developed between the US and China. Meal futures were up 70 cents/ton in the nearby contract, with soy oil leading the way to the upside, up 53 points. At the Ag Outlook Forum, USDA released an 85 million acre US soybean planting forecast. That would be down 4.2 million acres from last year if realized. Trade estimates for tomorrows USDA Export Sales report range from 6-9 MMT in old crop sales for the week of 1/10-2/14, with 100,000-600,000 MT for new crop. The 18/19 bookings would imply a 1-1.5 MMT weekly average. The average trade estimate ahead of Friday’s Fats & Oils report is for 182.5 mbu of soybeans crushed in December. The USDA Ag Attach in Brazil updated their soybean production estimate to 115.5 MMT, 1.5 MMT below the official USDA number from February 8.
Mar 19 Soybeans closed at $9.11, up 8 1/2 cents,
May 19 Soybeans closed at $9.24 1/4, up 8 1/4 cents,
Jul 19 Soybeans closed at $9.37 1/2, up 7 3/4 cents,
Sep 19 Soybeans closed at $9.46, up 6 3/4 cents,
Mar 19 Soybean Meal closed at $305.90, up $0.70,
Mar 19 Soybean Oil closed at $30.49, up $0.53
--provided by Brugler Marketing & Management