Soy futures are looking to start the day session with overnight gains in the beans and meal. Soy oil is 5 to 50 points in the red. Meal is looking to firm up $1.60/ton on Friday, while soybean futures are fractionally to 7 cents stronger. Soybean futures held relatively firm in a broad based grain futures sell off. The futures were at or near their lows for the day, down by 8 3/4 to 12 1/4 cents at the bell. Â Preliminary open interest data showed long liquidation in the May contract ahead of delivery notice, with net new selling in the other months. May OI dropped to 4,696 contracts. Soy meal futures were firm on Thursday, going home mostly higher within $2 of UNCH. Open interest in May meal dropped 68% in one day, to 2,961 contracts. Soybean oil prices fell by 3% on the day, closing with the lowest marks seen since April of 2021. May soy oil OK dropped to only 1,625 contracts on Thursday.Â
There were zero delivery notices on FND vs. May meal and May soybeans (oldest long dated Jan 18,2023). There were 52 put out against May BO, to a half dozen different stoppers.Â
USDA’s weekly Export Sales report showed 311,252 MT of soybean bookings for the week that ended 4/20. That was up from 100k MT last week but was under the 481k MT sold during the same week last year. Analysts were looking for between 75k and 500k MT going into the report. Soybean exports were 453,708 MT for the week, taking the season’s total to 46.72 MMT. That is even with last year’s export pace and is 85% of USDA’s forecast. Accumulated old crop soybean commitments were at 92% of USDA’s forecast.Â
USDA’s FAS also reported 153,437 MT of soymeal sales and 134 MT of soy oil bookings. For meal, USDA has the accumulated export at 7.013 MMT or 56% of the full year’s forecast. The 36,835 MT of soy oil exports have the season’s total at 16% of the 230k MT forecast.Â
May 23 Soybeans  closed at $14.26 3/4, down 9 1/4 cents, currently up 8 1/2 cents
Nearby Cash  was $13.87 5/8, down 11 5/8 cents,
Jul 23 Soybeans  closed at $14.03 3/4, down 11 cents, currently up 4 cents
Nov 23 Soybeans  closed at $12.55 1/2, down 11 1/4 cents, currently up 1 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.
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