The soybean market posted 3 to 4 cents across most front months on Thursday. CmdtyView’s national front month Cash Bean price was up 3 1/2 cents at $9.99 3/4. Soymeal futures were down $1.40 to $2/ton, with Soy Oil futures 31 points higher.

This morning in his senate confirmation hearing, USTR nominee stated there would be a review of the Phase One trade deal with China and is prepared to enforce it. Futures pulled off their morning lows.

USDA’s Export Sales report indicated a total of 387,718 MT of soybean sales in the week ending on 1/30, a 4-week low and on the low end of the 0.3-1.1 MMT estimates for 2024/25. Sales were down 11.5% from the previous week, but up 87.9% from the same week last year. China was the buyer of 208,700 MT, with the Netherlands purchasing 125,200 MT. There was 262,800 MT in net reductions for unknow, likely switched to a destination. 

Meal sales totaled 530,553 MT in the week of January 30, on the high end of the 200,000-550,000 MT estimates and a MY high. Soybean oil sales totaled 2,188 MT in that week, between the estimates of net cancellations of 15,000 MT to sales of 30,000 MT. 

The Buenos Aires Grains Exchange estimates the Argentina soybean crop at 17% excellent, down 3% from last week. Normal ratings were down 1% to 51%, with the poor ratings up 4% to 32%.

Mar 25 Soybeans  closed at $10.60 1/2, up 3 1/2 cents,

Nearby Cash  was $9.99 3/4, up 3 1/2 cents,

May 25 Soybeans  closed at $10.75 3/4, up 3 1/2 cents,

Nov 25 Soybeans  closed at $10.66, up 3 1/2 cents,

New Crop Cash  was $10.02 3/4, up 3 1/2 cents,