Beans were mixed on Thursday into the USDA reports. Old crop futures were fractionally to 1 1/2 cents higher. May closed up by 6 3/4 cents and expires tomorrow – currently at a 37 cent premium to July. The new crop market was 2 3/4 to 4 cents in the red at the bell. Soymeal was $8.70 to $11.90 higher on the day. BO prices faded by 88 to 94 points on the day.
Brazil’s CONAB raised their soy production figure by another 1.178 MMT to 154.8 MMT. That is now nearly 16.7 MMT (12%) above their previous record bean output. Yields were increased by 5 (7/10ths bpa) to 3,532 kg/HA (52.52 bpa).
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 closed at $14.05 1/2, up 1 1/2 cents,
Nearby Cash was $13.88 1/1, up 1 1/2 cents,
Aug 23 Soybeans closed at $13.37 1/4, up 1/2 cent,
Nov 23 Soybeans closed at $12.48, down 2 3/4 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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