Soybean prices are fractionally to 1 ½ cents higher so far this morning. Futures settled the midweek session with contracts falling 8 to 10 cents across most nearby contracts. There were no deliveries issued again overnight against August beans, with 123 so far this month. For August soybean oil, there were 17 deliveries issued, with 16 being stopped a JP morning customer. Pressure on Thursday continued to come from the Soymeal, down $6.30 to 8.30/ton on the day. Soy Oil futures provided the support, with gains of 34 to 138 points across the board.
Ahead of Thursday’s Export Sales report, traders are estimating net old crop soybean sales of 100,000 to 300,000 MT in the week that closed out on August 1. For 2024/25 sales, a range of 400,000 to 900,000 MT is expected. Bean meal sales are seen in a range of 100,000 to 650,000 MT across both marketing years, as soy oil is expected to total 0-20,000 MT.
The NASS Crop Production report on Monday is expected to show soybean yield at 52.5 bpa, a 0.5 bpa increase from the previous month’s WASDE. Production is seen 35 mbu higher to 4.470 according to a Reuters survey, as harvested acres are estimated to drop nearly 150,000 acres.
Chinese soybean imports totaled 9.85 MMT during July, which was 2.9% above the same month last year.
Aug 24 Soybeans closed at $10.20 1/4, down 8 1/4 cents, currently up 3/4 cents
Nearby Cash was $9.92 5/8, down 10 3/4 cents,
Nov 24 Soybeans closed at $10.18 3/4, down 8 cents, currently up 1 1/2 cents
Jan 25 Soybeans closed at $10.34 3/4, down 8 1/2 cents, currently up 1 1/2 cents
New Crop Cash was $9.62 1/8, down 9 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.
