Soybean trade continues to see strength this week, with futures closing 6 ¾ to 11 ½ cents higher across the board on Wednesday. Soymeal was down 20 to 70 cents/ton August and September contracts, with the rest anywhere from steady to $1.60 higher. Soy Oil continues to hold the complex up, with gains of 95 to 167 points. The market will open back up for an 8:30 am CDT hard open on Friday.

USDA reported a private export sale of 110,100 MT of soybeans to unknown destinations this morning, with 55,100 MT for old crop and 55,000 MT for new crop shipment. 

Estimates are running 200,000 to 600,000 MT for 23/24 sales ahead of Friday’s Export Sales report, with new crop in a range of 50,000 and 150,000 MT. Soy meal expectations are for 100,000 to 850,000 MT of combined sales for the current and the next MY, with bean oil ranging from net reductions of 5,000 to net sales of 25,000 MT. 

Soybean exports totaled 1.41 MMT (51.8 mbu) in May, with the third quarter total at 229 mbu and 1.532 mbu reported for the MY so far. May’s total was down 20.38% from last month but back up 42.94% from a year ago. Soybean meal shipments totaled 1.01 MMT, a 19.63% drop from last month and 6.5% below a year ago. Bean oil exports picked up to the largest level in 22 months at 42,508 MT. 

Jul 24 Soybeans  closed at $11.76 1/2, up 11 1/2 cents,

Nearby Cash  was $11.20, up 7 1/2 cents,

Aug 24 Soybeans  closed at $11.57 3/4, up 7 1/2 cents,

Nov 24 Soybeans  closed at $11.21 1/2, up 8 1/2 cents,

New Crop Cash  was $10.65 7/8, up 8 1/2 cents,