Soybeans closed out the Thursday session with futures 13 to 15 ½ cents higher across most contracts. Support was noted from Export Sales data. Soymeal futures closed the day with contracts steady to $2.60 higher across the front months. Soy Oil futures were 100 to 141 points higher across the board on Thursday. Friday is first notice day for September futures.
This morning’s Export Sales report tallied a total of 143,600 MT in net reductions of old crop for the week of August 22, on the lower side of the expectations of net reductions of 150,000 MT to net sales of 150,000 MT. New crop export business was hot in that week, with 2.616 MMT in sales as we had previously known about 1.38 MMT. That was a MY high and above the estimates calling for 1.5 to 2.5 MMT. Sales of 870,000 MT were reported to China, with 845,600 MT sold to unknown destinations.
Meal sales totaled 21,247 MT in the week of 8/22 for 2023/24, with the 2024/25 sales reported at 428,921 MT. Soybean oil sales were pegged at just 1,077 MT during that week.
Sep 24 Soybeans closed at $9.73 3/4, up 15 1/4 cents,
Nearby Cash was $9.42 1/4, up 14 cents,
Nov 24 Soybeans closed at $9.92 1/2, up 15 1/2 cents,
Mar 25 Soybeans closed at $10.23, up 13 1/4 cents,
New Crop Cash was $9.34 3/8, up 15 cents,
On the date of publication, Austin Schroeder 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.
