Beans tried for a bounce on Thursday after overnight action had the board in the black by as much as 6 cents. At the 8:30 bell prices turned south and never looked back, ultimately closing near the lows for the day with 11 to 29 cent losses. Soymeal futures settled with double digit losses of as much as 2.95% with May’s $13.30/ton drop. Soybean oil dropped by over 2 cents per pound on the day with 4% to 4.5% losses. That left May BO at its lowest print since December of 2021. 

Canadian Canola Prices bounced back dramatically on Thursday with double digit gains of 1.8% to 2.1% across the front months. May still saw its lowest print since October 2021 on the day. 

Weekly FAS data showed 152,479 MT of soybeans were sold for export during the week that ended 3/16. That was down from 655k MT last week, and was only 12% of the same week last year’s sale. The week’s export shipment was 704k MT for a MY total of 43.534 MMT. USDA has the full year’s total marked at 54.8 MMT. The weekly report also had 199k MT of new crop bean sales – led by Chinese and unknown purchasers. The total 23/24 forward book was .75 MMT as of 3/16. 

For the products, USDA reported 121k MT of meal and 10.8k MT of oil was sold during the week that ended 3/16. Pre-report estimates were looking for at least 125k MT of meal, but no more than 10k MT of soy oil sales. 

Abiove raised their estimate for Brazil’s soybean crop by 1 MMT to 153.6 MMT. They have exports reaching 92.3 MMT for the year. 

May 23 Soybeans  closed at $14.19 1/2, down 29 cents,

Nearby Cash  was $13.86 5/8, down 27 1/4 cents,

Jul 23 Soybeans  closed at $13.98 1/2, down 26 1/2 cents,

Nov 23 Soybeans  closed at $12.58, down 14 1/2 cents,