Soybeans Led Lower By Meal
Soybeans are coming out of the Memorial Day weekend, with midday losses of 9 to 18 ¼ cents. Soymeal is the leader to the downside, with losses of $9.70/ton in the July contract. Soy Oil is showing gains of 62 points in the upfront July contract.
This morning’s Export Inspections report from FGIS showed soybean shipments at 212,105 MT (7.8 mbu) during the week of 5/23. That was a 10.3% increase from last week but down 17.3% from the same week in 2023. Shipments were pretty spread around, with 74,882 MT headed to China, 36,124 MT on its way to Egypt and 30,043 MT to Indonesia. Cumulative exports have totaled 39.969 MMT (1.469 bbu), which is still down 17.5% from the same time last year.
Weekly Commitment of Traders data tallied spec funds in soybean futures and option cutting back another 16,239 contracts from their net short position during the week of May 21. That took them to a net short 26,426 contracts. Commercials saw an increase to their net short by 20,289 contracts to -65,706 contracts as of Tuesday.
Rio Grande do Sul soybean harvest (Brazil) is now thought to be 91% completed, having been delayed by flooding. The BA Grain Exchange estimates that Argentina soybean harvest is 78% completed, with their crop estimate just slightly above USDA at 50.5 MMT.
Jul 24 Soybeans are at $12.29 3/4, down 18 1/4 cents,
Nearby Cash is at $11.70 1/2, down 18 1/4 cents,
Aug 24 Soybeans are at $12.29 1/2, down 15 1/2 cents,
Nov 24 Soybeans are at $12.09, down 10 1/2 cents,
New Crop Cash is at $11.51 3/8, down 11 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.
