USDA Confirm Soybean Futures Closed High

May soybeans finished up 3 1/4 at 1286 3/4, 5 off the high and 7 3/4 up from the low. July Soybeans closed up 4 at 1295 1/4. This was 8 1/4 up from the low and 4 1/4 off the high.

May Soymeal closed up 0.9 at 336.2. This was 1.7 up from the low and 2.7 off the high. May Soybean Oil finished up 0.06 at 54.65, 0.05 off the high and 0.26 up from the low.

May soybeans closed 3 1/4 cents higher on the session and up 13 cents for the week. The market posted the highs early in the day and drifted lower but managed to hold support to close higher for the fifth session in a row and up 8 of the past none days. Solid export news this week and ideas that the USDA will need to revised 2012/13 usage data even higher ahead with further adjustments down in South America production helped to support.

Weakness in wheat and corn helped to limit the advance early. Talk that China has bought 5-10 cargoes of US soybeans this week added to the positive tone and fund traders have been noted buyers on the day. Weekly export sales for soybeans came in at 1.159 million tonnes for the current marketing year and 2.873 million for the next marketing year for a total of 4.032 million tonnes.

As of February 16th, cumulative soybean sales stand at 81.8 per cent of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 86.2 per cent.

Old crop sales of 223,000 metric tonnes are needed each week to reach the USDA forecast. Meal sales came in at 216,000 metric tonnes as compared with 91,000 tonnes needed each week to reach the USDA forecast for the season.

Oil sales came in at 25,200 metric tonnes as compared with 8,000 tonnes needed each week to reach the USDA forecast. The USDA put preliminary ending stocks for soybeans for the 2012/13 season at 205 million bushels from 275 million this year.

Ideas that demand for US soybeans could stay strong ahead due to tighter than expected supply from South America plus a continued shift down in the US dollar helped to support the market early in the session to trade higher and up to the highest level since October 14th.

Category: Soybean, soybean commodity information, soybean futures, soybean production 2012, soymeal prices, us soybean market, usda soybean