Soybeans are trading 5 1/2 to 9 1/4 cents weaker so far through Thursday. Meal is down by $3.50 to $5.50/ton. The soybean oil quotes are slightly in the black with 1 to 7 points.
Weekly Export Sales data from USDA showed 289,730 MT of old crop beans were booked during the week that ended 4/27. That was a decrease from 311k MT sold last week and included a 128k MT sale to Germany. The week’s new crop business was reported at 67k MT, led by China, which set the total forward book at 1.837 MMT. That is down from 11.226 MMT last year; as only 2019 and 2020 were lower at this time through the past decade.
FAS data showed 179,584 MT of soymeal was sold for 22/23 delivery. That was a 17% increase for the week, but was down 27% from the same week last year. Accumulated soymeal commitments were at 9.743 MMT as of 4/27. Soybean oil sales were 14,017 MT and near the top end of expectations. That was a 4-week high led by sales to Mexico. USDA also reported a MY high for weekly oil exports at 20,609 MT.
May 23 Soybeans are at $14.38 3/4, down 9 1/4 cents,
Nearby Cash is at $13.95 1/1, down 6 1/2 cents,
Jul 23 Soybeans are at $14.11, down 6 1/2 cents,
Nov 23 Soybeans are at $12.64, down 8 1/4 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.
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