
Soymeal futures ended the session with 40c to $1.50/ton gains, while beans and soy oil dropped. The nearby soybean market was near the lows for the day on 8 1/4 to 24 1/4 cent losses. May prices expired at $14.35, a 45 cent premium to July. July was 46 1/2 cents lower for the week, while November closed 56 1/4 cents weaker Friday to Friday. Soybean oil futures were down 102 to 163 points on Friday. That left the July contract at a 481 point loss for the week, and back near June 2021 lows. 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. USDA showed the B100 cash price was $4.06/gal in MN for the week, up by 4c.
CFTC reported managed money firms at 48,459 contracts net long in soybeans. That was down 7.9k contracts for the week via new shorts. Commercial soybean hedgers added 32k new hedges, though the their net short weakened by 10.3k to 130k contracts.
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 was inline with estimates. Net/net the new crop production was increased 234 mbu yr/yr, while ending stocks were upped only 120 with a 335 mbu carryout.
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. The global carryout was set at 101 MMT for old crop and at 122.5 MMT for new crop – trade had been looking for 108 on average.
Traders estimated NOPA members processed 174.17 mbu soybeans in April. Soybean oil stocks are estimated at 1.828 billion lbs. That report will be out on Monday.
Jul 23 Soybeans closed at $13.90, down 15 1/2 cents,
Nearby Cash was $13.72 1/8, down 15 3/4 cents,
Aug 23 Soybeans closed at $13.18 1/4, down 19 cents,
Nov 23 Soybeans closed at $12.23 3/4, down 24 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.