The soybean futures market is trading with old crop gains of 1/2 cent in Sep to 8 1/2 cents in May. May remains a 37 cent premium to the July before Friday’s expiration. The new crop contracts are 3 to 4 cents weaker so far. Meal is trading 1.8% to 2.3% higher so far. Soybean oil is continuing lower through midday with 56 point losses.
USDA announced a large private export sale for 132k MT of new crop soybeans to unknown destinations. The weekly Export Sales report showed 62k MT of old crop beans and 50k MT of 23/24 beans were sold during the week that ended 5/4. Analysts were looking for between 150k and 500k MT for old crop and between 0 and 200k MT for new crop ahead of the report. USDA marked old crop export commitments at 50.77 MMT (1.865 bbu) and total forward sales at 1.887 MMT as of 5/4.
The weekly report showed 278k MT of soymeal was booked for 22/23 delivery. That was a 6 week high and near the top end of estimates. NMY soymeal export sales were 11k MT of net cancelations. USDA showed 266 MT of bean oil was sold.
Jul 23 Soybeans are at $14.07 1/4, up 3 1/4 cents,
Nearby Cash is at $13.90 3/4, up 3 3/8 cents,
Aug 23 Soybeans are at $13.37 1/2, up 3/4 cent,
Nov 23 Soybeans are at $12.47 3/4, down 3 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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