Soybeans Add 10¢ to Week’s Gains Thursday

(Agriculture.com) –  Don’t look now, but the CME Group’s soybean market has added 20¢ in two sessions this week.

The soybean market is using strong demand to jump up double digits.

In early trading, the December corn futures are 3¢ higher at $3.54, while March futures are 3¢ higher at $3.66.

November soybean futures are 10¢ higher at $9.70; January soybean futures are 10¢ higher $9.80.

September wheat futures are 4¾¢ higher at $4.48.

December soy meal futures are $3.70 per short ton higher at $309.10. December soy oil futures are 0.11¢ higher at 35.20¢ per pound.

In the outside markets, the Brent crude oil market is 67¢ higher, the U.S. dollar is higher, and the Dow Jones Industrials are 16 points higher.

If you missed it, the USDA released fresh and separately Weekly Export Sales Thursday. Corn sales at the high end of expectations, soybeans beat, wheat missed.

Corn= 1.047 million metric tons vs. the trade’s expectations of between 650,000-1,200,000 metric tons.

Soybeans= 1.612 mmt. vs. the trade’s expectations of between 1,000,000-1,500,000 metric tons.

Soybean meal= 146,900 mt. vs. the trade’s expectations of between 50,000-400,000 metric tons.

Wheat= 316,700 mt. vs. the trade’s expectations of between 350,000-550,000 metric tons.

Separetely, USDA announced fresh soybean sales to China reported today.

Private exporters reported to the U.S. Department of Agriculture export sales of 198,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year.
The marketing year for soybeans began Sept. 1.