Soybeans Extending Rally on Thursday

Core Insights - Soybean prices are experiencing significant increases, with front-month prices rising by 14 to 17 cents, and the national average cash bean price reaching $11.54, up 14.75 cents [1] - Soymeal futures have increased by $3.70 to $5.30, while soy oil futures are up by 30 to 40 points [1] - Crude oil prices have also risen, adding $7.90 at midday [1] Export Sales Data - The USDA reported 456,740 MT of old crop soybeans sold for the week ending on March 5, which is the largest sale in three weeks but still 34.15% lower than the same week last year [2] - New crop soybean sales were recorded at 9,518 MT, falling within the estimated range of 0-100,000 MT [2] - Soybean meal sales were at 166,002 MT, on the low end of estimates, while soybean oil sales experienced net cancellations of 2,835 MT [3] Monthly Export Performance - January soybean exports totaled 5.821 MMT (157.9 million bushels), surpassing the previous year’s figures [3] - Soybean meal exports reached a record high for any month at 1.678 MMT, while soybean oil exports were at 77,396 MT [3] Market Developments - Cargill has halted exports of soybeans from Brazil to China due to new sanitary inspection requirements requested by China [3]