Soybeans are falling back on Friday, with contracts ignoring early morning strength. Futures are down 3 to 5 cents so far at midday. Pressure is continuing to come from the Soymeal, down $5.60/ton in the Sep contract. Soy Oil futures tried are up 39 points in the Sep contract.
USDA reported a couple different export sale announcements this morning, with 132,000 MT of new crop sold to China and 212,000 MT of soybeans sold to unknown during the ‘reporting period’ (50,000 MT for old crop and 162,000 MT for new crop). There was also a total of 100,000 MT of bean meal sold to Columbia, with 12,000 MT for 2023/24 and 88,000 MT for 2024/25.
The monthly WASDE report on Monday is expected to show soybean stocks for old crop soybeans with a 5 mbu increase to 350 mbu. New crop estimates are running 465 mbu on average, up 30 mbu, mainly on expected production increases. The range of estimates is still wide at 380 to 555 mbu.
Aug 24 Soybeans are at $10.19, up 9 1/4 cents,
Nearby Cash is at $9.77 5/8, down 3 1/4 cents,
Nov 24 Soybeans are at $10.05, down 3 1/4 cents,
Jan 25 Soybeans are at $10.21 3/4, down 3 1/4 cents,
New Crop Cash is at $9.49 1/1, down 2 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
