Soybean Futures Market News and Commentary
Beans are trading off their highs and off their lows from early in the Friday session with midday quotes fractionally lower to 3 cents higher in new crop and 4 3/4 to 8 cents stronger in old crop. Soymeal prices are still up by 1% to 1.2%, while BO prices turned south for triple digit weakness at midday. USDA withheld the B100 cash price again this week due to confidentiality rules.
Weekly Export Sales data from the FAS showed 276,839 MT of old crop soybeans were booked during the week that ended 5/19. The trade was looking for between 200k and 800k MT in the report. Old crop exports were tallied at 539,504 MT for a MYTD total of 49.26 MMT. The May WASDE had soybean exports totaling 58.24 MMT. FAS data had 10.22 MMT of outstanding sales on the books as of 5/19. USDA data has 11.818 MMT of soybeans on the books for 22/23 delivery, a 4% increase from the same time last year.
The European Commission reported soybean imports at 12.83 MMT for the year through 5/22. That was... Read more