Soybeans Close Mixed Following Lackluster Export Sales Data

Soybeans faded off into the Thursday close, as contracts were up ½ 5o 2 ¾ cents in the front two months and down 1 to 3 ¾ cents in the tother contracts following uninspiring Export Sales data. Soymeal futures were $4 to $5.30/ton lower across most contracts. Soy Oil is was up 63 to 97 points across the board on Thursday.

Weekly Export Sales data tallied soybean bookings at just 265,733 MT, below the trade range of estimates. That was a 3-week low and down 38% from the week prior. Egypt purchased 90,400 MT, with Indonesia in for 87,900 MT and Mexico buying 86,600 MT. USDA also reported new crop sales at 25,160 MT, mostly to Taiwan, as China has yet to lock in any new crop sales. 

Soybean meal sales totaled 300,445 MT for the current MY and 31,110 MT for the 24/25 MY, as total sales snuck into the trade range of estimates. Bean oil sales were 9,114 MT for the current MY, as 24/25 sales were 962 MT. 

The Buenos Aires Grain Exchange pegged the Argentina soybean crop at 24% gd/ex, down 3% on the week. The harvest was 64% complete, as BAGE also trimmed their production total by 0.5 to 50.5 MMT.

Jul 24 Soybeans  closed at $12.16 1/4, up 2 3/4 cents,

Nearby Cash  was $11.54 1/1, up 3 1/4 cents,

Aug 24 Soybeans  closed at $12.16 3/4, up 1/2 cent,

Jan 25 Soybeans  closed at $12.10 1/4, down 2 cents,

New Crop Cash  was $11.42, down 1 7/8 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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