Soybean Bulls Push Higher into Thursday’s Close

Market Performance - Soybeans experienced gains of 6 to 8 cents across most contracts at Thursday's close, with new crop contracts up 2 to 3 cents. The national average Cash Bean price increased by 7.5 cents to $10.76 1/2 [1] - Soymeal futures rose by 30 to 80 cents in the front months, while Soy Oil futures increased by 112 to 121 points [1] Export Sales Expectations - Analysts anticipate the USDA to report soybean sales between 375,000 MT and 1.2 MMT for the week ending February 12 in the upcoming Export Sales report. Soymeal sales are expected to be between 220,000 MT and 450,000 MT, with bean oil showing net reductions of 10,000 to sales of 16,000 MT [2] Planting and Production Estimates - The USDA Ag Outlook Forum projected 85 million acres of soybeans to be planted this spring, matching trade estimates and representing an increase of 3.8 million acres from the previous year if realized. Soybean production is estimated at 4.45 billion bushels, with a yield of 53 bushels per acre [3] - The International Grains Council reported that world soybean stocks increased by 2 MMT to 79 MMT, while consumption decreased by 1 MMT and production rose by 1 MMT [4]