Soybeans Rallying on Friday

Soybeans are trading with midday gains to round out the week. Contracts are up 2 to 9 ½ cents across most contract on Friday. Soymeal futures are mixed, with front months up 40 cents/ton. Soy Oil is posting gains of 77 to 83 points at midday.

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  are at $12.24 1/2, up 8 1/2 cent,

Nearby Cash  is at $11.62 3/4, up 8 3/4 cent,

Aug 24 Soybeans  are at $12.24, up 7 1/4 cents,

Jan 25 Soybeans  are at $12.04, up 4 3/4 cents,

New Crop Cash  is at $11.42, up 3 3/4 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.