Soybean futures surged on Thursday, with contracts up to 20 cents higher. The national average Cash Bean price rose by 16 ½ cents to $9.85 3/4. Soymeal futures saw gains in September contracts but declines in others. Soy Oil futures also rallied significantly. An announcement about Small Refinery Exemptions backlog is anticipated this week by the EPA.

The Export Sales report showed net cancellations of 5,738 MT for old crop beans but new crop sales were strong at 1.143 MMT, surpassing estimates. The largest buyer was an unknown destination with 645,000 MT, followed by Mexico and Spain. Soybean meal and bean oil sales were also reported with varying figures.

The ProFarmer Crop Tour data from Illinois and Iowa showed soybean pod counts above averages. World soybean production is projected to reach 430 MMT for the 2025/26 marketing year, with stocks and consumption both increasing. Sep 25 Soybeans closed at $10.34 1/2, up 19 1/2 cents, while Nearby Cash was $9.85 3/4, up 16 1/2 cents.

Nov 25 Soybeans closed at $10.56, up 20 cents, Jan 26 Soybeans closed at $10.73 3/4, up 18 1/2 cents, and New Crop Cash was $9.78, up 17 3/4 cents. Austin Schroeder did not hold any positions in mentioned securities. The article was originally published on Barchart.com.

Read more at Yahoo Finance: Soybeans Rally on Thursday, with Bean Oil Leading the Charge