Soy futures are double digits higher, led by the soy oil. Beans are up 0.6% to 1.1% with double digit old crop gains. Soymeal is up by 0.2% on the board so far. Soybean oil futures are extending their week’s gain with another triple digit rally of as much as 3.3%. USDA quoted the B100 cash price for MN at $4.02/gal, up by 3 cents for the week.
July number 1 soybean futures, Dalian Soybean #1 Prices , gapped lower and ended the session with a 26 yuan/MT loss for the coming out of the Labour Day Holiday week. That left the contract at 4,796 yuan/MT (~$18.89/bu). The import quality Dalian No2 Soybean Prices were 3,993 yuan/MT (~ $15.72/bu) after slight strength out of the break.
Midday Canadian Canola Prices are up by 3% as well with July gaining $21 CAD/MT to $736.10.
The monthly release from Census confirmed 115.22 mbu of soybeans were shipped during March which brought the full year total to 1.725 billion. That was 86% of the USDA forecast. March meal export shipments were 1.336 MMT, a 44% increase from Feb and a 23% increase from March ’22. Census confirmed 5,087 MT of bean oil exports in March. The full year total reached 61.4k MT, or just 27% of the April WASDE forecast.
May 23 Soybeans are at $14.65, up 16 1/2 cents,
Nearby Cash is at $14.17 3/8, up 16 1/8 cents,
Jul 23 Soybeans are at $14.33 1/2, up 15 3/4 cents,
Nov 23 Soybeans are at $12.77 3/4, up 9 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.
/Tesla%20Inc%20tesla%20by-%20Iv-olga%20via%20Shutterstock(1).jpg)
/Apple%20logo%20-%20by%20Pexels%20via%20Pixabay.jpg)
/Netflix%20on%20tv%20with%20remote%20by%20freestocks%20via%20Unsplash.jpg)
