Soybeans Popping Higher at Midday

Core Insights - Soybean prices are experiencing gains, with nearby contracts showing increases of 5 to 6 cents, and the national average cash bean price rising to $9.99 ½, which is 5 ½ cents higher [1] - Soymeal futures have increased by $2.50 to $3.30 per ton, while soy oil futures are up by 30 to 35 points [1] - Export sales data indicates a marketing year high in soybean sales at 2.45 million metric tons (MMT), which is 18.6% higher than the previous week and 63.97% larger than the same week last year [1] Sales Data - Soybean meal sales reached 412,671 metric tons, exceeding estimates of 200,000 to 500,000 metric tons for that week [2] - Soybean oil sales were recorded at 10,499 metric tons, falling within the lower half of the estimated range of 5,000 to 25,000 metric tons [2] Price Information - As of March 26, soybean prices are reported at $10.69 ½, reflecting an increase of 5 ½ cents [2] - Nearby cash prices are at $9.99 ½, also up by 5 ½ cents, while May 26 and July 26 soybean prices are at $10.81 ¾ (up 5 ½ cents) and $10.94 ¾ (up 5 ¾ cents) respectively [2]