Soybeans are trading with 6 to 9 cent losses so far, as meal is down $5.80. AM soy oil is 4 points higher. Soymeal futures were the exception with $0.80 and $1.30 gains in July and August respectively. The rest of the soy complex weakened to start the week. Soybean prices were down 1/4 to 8 1/4 cents on the day. Soybean oil futures closed with 61 to 75 point losses on the day.
There were 65 delivery notices overnight against May soybean meal, by a StoneX client. Bunge was a stopper for 21 of them. There were 176 deliveries against May BO, with ADM stopping all of them for the house account. There have still been zero deliveries against May beans, which expire on Friday. The oldest long is still dated 2/23/23.
Survey respondents expect USDA to raise the old crop soybean carryout in Friday’s WASDE report. The average estimate is for a 215.8 mbu ending stock, up 5.8 from April, but estimates range from a 50 mbu boost to a 31 mbu cut. New crop soybean production is estimated at 4.496 bbu on average. The full range of pre-report estimates is from 4.417 to 4.513 bbu. This will be the first official WASDE S&D estimate of the marketing year. NASS will not publish an official production estimate until August.
USDA’s Crop Progress report had 35% of the new crop beans planted by 5/7. That compares to 19% last week and the 5-yr average of 21%. Fields in Missouri were 50% planted compared to 12% on average and IA was 49% finished compared to 30% on average. NASS had soybean emergence @ 9% nationally compared to 4% on average.
USDA reported 394,755 MT of soybeans were exported during the week that ended 5/4. That was down 23% from last week and was 22% below the same week last year. The season’s total inspections reached 47.855 MMT compared to 47.76 MMT last year.
May 23 Soybeans closed at $14.68 3/4, down 1/4 cent, currently down 8 cents
Nearby Cash was $14.17 5/8, down 3 3/8 cents,
Jul 23 Soybeans closed at $14.33 3/4, down 2 3/4 cents, currently down 9 cents
Nov 23 Soybeans closed at $12.72 1/2, down 7 1/2 cents, currently down 8 1/2 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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