Soybean prices were trading weaker ahead of the report. Initial reaction pulled those losses back, but midday quotes are 6 to 15 cents lower. Soybean meal futures are trading in the black, little changed from their pre-report quotes. BO futures are down by as much as 88 points. USDA had the old crop cash price 10c lower to $14.20/bu, while new crop was set at $12.90. For meal USDA set cash average prices at $455/ton and $365/ton respectively. BO was set at 64 cents/lb for old crop and 58 for new crop.
The monthly WASDE report only made one change to old crop soybean’s S&Ds. They raised imports by 5mbu and added it to ending stocks for a 215 mbu carryout – matching the trade average guess. For new crop, the acreage was 87.5m acres (matching March Intentions) and 86.7m for harvested. Yields were set at 52 bpa trendline for a net 4.510 mbu crop. That is inline with estimates.
USDA raised the Brazilian production figure by 1 MMT to 155 this morning. Argentina was left alone at 27 MMT, despite traders expecting a cut.
Jul 23 Soybeans are at $14.02 1/4, down 3 1/4 cents,
Nearby Cash is at $13.85 1/2, down 3 3/8 cents,
Aug 23 Soybeans are at $13.30 1/2, down 6 3/4 cents,
Nov 23 Soybeans are at $12.35 1/2, down 12 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.
/Alphabet%20(Google)%20Image%20by%20Markus%20Mainka%20via%20Shutterstock.jpg)
/Microsoft%20Corporation%20logo%20on%20sign-by%20Jean-Luc%20Ichard%20via%20iStock.jpg)
/Alphabet%20Inc_%20and%20Google%20logos%20seen%20displayed%20on%20a%20smartphone%20by%20IgorGolovniov%20via%20Shutterstock.jpg)