Soybeans rallied off the early midday losses by 10-13 cents on Thursday to close with front months down 1 to 3 ¼ cents and the September and beyond contracts up ½ to 2 ½ cents. May options expire on Friday. Soymeal ended the day with contracts down dime to $2.10/ton. Soy Oil rallied from weaker midday action, with gains of 10 to 21 points.

Export Sales data showed just 210,899 MT of soybeans booked in the week that ended on April 18, a 3-week low and below the trade estimates. China was the top buyer of 167,500 MT, as unknown had 136,800 MT in net reductions as they were switched to a destination. New crop sales were on the low side of the trade range at 120,060 MT, less than half of the previous week’s total. 

Soybean meal sales picked up in the week of 4/18 to 307,859 MT for 23/24, an 8-week high and more than double the previous week. The 24/25 sales were tallied at 35,104 MT. Soybean oil sales were at a 7-week high and second largest this MY at 16,231 MT

Soybean conditions in Argentina were steady this week at 30% good according to the Buenos Aires Grain Exchange, as poor ratings were up 1% this week to 24%. The crop is 25% harvested, vs. the 48% average pace.

May 24 Soybeans  closed at $11.62 3/4, down 3 1/4 cents,

Nearby Cash  was $11.11 1/1, down 2 7/8 cents,

Jul 24 Soybeans  closed at $11.79 3/4, down 1 3/4 cents,

Nov 24 Soybeans  closed at $11.75 1/2, up 1 cent,

New Crop Cash  was $11.12 1/1, up 1 1/8 cents,