Soybean Futures Market News and Commentary
Beans rallied from overnight weakness on Thursday with gains of 13 to 27 ¾ cents at the close. Meal was a large supporting factor, up $11.30/ton in the July contract. Soybean oil was a drag on the market, down 102 points.
Rains across IA and the ECB over the next week may slow remaining planting progress, with as much as 1-3 inches according to NOAA’s 7 day QPF.
Thursday’s Export Sales report tallied old crop bean bookings at 752,689 MT, well above last week and above the trade range of estimates. China got the largest chunk at 392,600 MT, with the Netherlands buying 84,600 MT. New crop bookings were nearly double the previous week at 149,500 MT. Unknown destinations was a bulk of the new crop purchases at 113,500 MT.
Soybean meal sales totaled 293,172 MT in the week of 5/12, with soybean oil at a net reduction of 495 MT.
Jul 22 Soybeans closed at $16.90 1/2, up 27 3/4 cents,
Nearby Cash was $16.60 7/8, up 28 3/8 cents,
Aug 22 Soybeans clo... Read more