Soybean futures ended the Thursday session with most contracts 7 to 13 cents higher. Soy meal was up $3.20/ton, with front month soy oil 10 points higher. Old crop soybean export sales for the week that ended 4/5 were reported at 1.51 MMT, nearly 3.6 times this time in 2017. Unknown destinations was the lead buyer of 665,800 MT, as trade issues led to US beans showing more competitive prices. New crop sales were tallied at a MY high of 954,036 MT, as both old and new crop exceeded expectations. Exports of soybeans were a MY low 419,715 MT, down 27.6% from the previous week. Sales of soy meal were shown at 317,425 MT, with bean oil sales at 22,043 MT. The Rosario Grain exchange trimmed their Argentine soybean production estimate another 3MMT to 37 MMT, compared to the USDA’s 40 MMT.

May 18 Soybeans closed at $10.60 3/4, up 13 cents,

Jul 18 Soybeans closed at $10.71 3/4, up 13 cents,

Aug 18 Soybeans closed at $10.70 1/2, up 11 1/2 cents,

Nov 18 Soybeans closed at $10.53 1/2, up 7 cents,

May 18 Soybean Meal closed at $383.40, up $3.20,

May 18 Soybean Oil closed at $31.63, up $0.10

Market Commentary provided by:

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