Soy futures are currently in the black into Friday. Meal is currently bouncing back by $1.30/ton following the sharp drop yesterday. Soybean futures faded into the Thursday close, having given back their midday gains for fractional to 5 1/4 cent losses on the day. July soybeans had a 16 cent range on the day. Soybean meal futures were the dog on Thursday, closing near their lows on 1.5% to 2.6% losses. Soybean oil was higher after early week weakness, with front month recovery of 88 to 92 points.
The weekly Export Sales report showed 17k MT of old crop beans were sold for the week that ended 5/11. That was at the low end of estimates and was down 73% from last week. Accumulated commitments were 1.865, or 93% of the WASDE forecast. New crop soybean sales were 663k MT, which were double the estimates and led by unknown and China. That left the forward book at 2.55 MMT or 78% behind last year's pace. The WASDE forecast has new crop sales decreasing 2% yr/yr.
Weekly soybean meal export sales were 202k MT for 22/23 delivery and 89k MT of forward sales. That was within the range of estimates. Soybean oil sales were a token 856 MT. That left the total commitments at 118,617 MT. USDA had old crop BO exports penciled in at 200k MT.
Jul 23 Soybeans closed at $13.33 1/4, down 3 3/4 cents, currently up 6 1/4 cents
Nearby Cash was $13.14 7/8, down 4 1/4 cents,
Aug 23 Soybeans closed at $12.69 1/2, down 5 1/4 cents, currently up 10 1/4 cents
Nov 23 Soybeans closed at $11.87, down 1/2 cent, currently up 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.
