Soybeans closed higher on Wednesday, with gains ranging from 1 to 4 3/4 cents. The national average Cash Bean price was $10.58 1/4. Soymeal futures were up $1.00 to $2.20, while Soy Oil futures slipped 15 to 36 points.

November futures have averaged $10.93, compared to last year’s crop insurance base spring price of $10.54.

The USDA will release Export Sales data on Thursday, with expectations of 0.3-1.1 MMT in old crop soybean sales. Soybean meal sales are estimated at 200,000-450,000 MT, with bean oil between net reductions of 10,000 MT and sales of 16,000 MT.

The Rosario Grains Exchange raised Argentina’s soybean crop estimate to 48 MMT. CONAB data for Brazil is expected on Thursday.

Soybean prices closed at $11.24 for Mar 26, $10.58 1/4 for Nearby Cash, $11.39 1/2 for May 26, and $11.52 1/2 for Jul 26.

Source: Barchart.com

Read more at Yahoo Finance: Soybeans Hold onto Gains on Wednesday