Soybeans are trading with 6 to 7 cent gains on Friday Morning. They failed to get much follow through on either the daily export sales or improved weekly data, as contracts were down 15 to 21 ¾ cents at the close. Soymeal futures were down $3.70 to $5/ton on the session. Soy Oil futures closed the day with contracts down 53 to 66 points.

USDA reported another round of private export sales of 198,000 MT of 2024/25 soybeans to China yesterday morning. That took the weekly total of flash sales to 1.26 MMT. Soybean meal sales of 105,000 MT were announced to Vietnam.

Export Sales data showed net reductions of 43,745 MT of 2023/24 soybeans for the week that ended on August 15, normal for this time in the MY. Sales for new crop bean business was shown at a MY high of 1.677 MMT and above the 0.8 to 1.35 MMT estimates. Much of that was sold to China, with 926,000 MT in sales, as 456,000 MT was to unknown destinations. 

Meal sales were at net reductions of 20,103 MT for the 2023/24 marketing year, with 136,392 MT sold for the next MY. Bean oil bookings were 10,481 MT for 2023/24 and 2024/25 sales at 130 MT. 

ProFarmer’s annual crop tour showed soybean pod counts (3x3 foot square) at 1,036.59 in Minnesota, above the 985 pod count from last year and the 3-year average of 1,037. Iowa pod counts were 1,312.31 bpa, which was up from 1,190.41 last year and from the 1,194.21 average.

Sep 24 Soybeans  closed at $9.41 1/4, down 21 3/4 cents, currently up 6 1/2 cents

Nearby Cash  was $9.18 3/8, down 20 3/4 cents,

Nov 24 Soybeans  closed at $9.61 1/2, down 20 cents, currently up 6 1/4 cents

Mar 25 Soybeans  closed at $9.95 1/4, down 19 1/2 cents, currently up 6 cents

New Crop Cash  was $9.04 1/2, down 20 cents,