Soybeans Up on Firmer Meal, Export Data

Soybean futures ended with 4 cent gains in the nearby contracts on Thursday, bouncing from multi-month lows. Meal futures were up $5.60/ton, with May soy oil down 28 points. US exporters sold 596,301 MT of 18/19 soybeans during the week ending on April 18, near the high end of expectations. That was a 56.6% jump from the week prior and 60.6% larger than this week last year. Unknown purchased 230,700 MT, with 212,113 MT for China. Soy Meal sales totaled 397,978 MT, with soy oil at 19,630 MT. Chinese customs data showed 4.92 MMT of soybeans imported in March, with 1.51 MMT US origin (down 50% yr/yr). IGC upped their 19/20 world soybean production estimate by 2 MMT, which also led to a 5 MMT jump carryout to 56 MMT. BAGE data shows the Argentine soybean harvest at 50.7% complete, above the 39.6% average.

May 19 Soybeans closed at $8.59 1/4, up 4 cents,

Jul 19 Soybeans closed at $8.72 3/4, up 4 cents,

Aug 19 Soybeans closed at $8.78 3/4, up 4 cents,

Sep 19 Soybeans closed at $8.84, up 4 cents,

May 19 Soybean Meal closed at $306.00, up $5.60,

May 19 Soybean Oil closed at $27.64, down $0.28

--provided by Brugler Marketing & Management

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