Old crop soybeans are trading double digits lower so far through Friday’s midday. The new crop futures market is also in the red, with 5 to 6 1/4 cent losses. Soymeal futures are $3.40 to $4.80/ton lower at midday. BO futures are firm with 36 to 45 point gains so far. USDA reported the weekly cash B100 price 24 cents weaker in MN to $3.82/gal.
China’s Dalian No2 Soybean Prices were weaker this week, dropping 51 yuan (~20 cents/bu) to 4,055 yuan/MT (~$15.75/bu).
The Buenos Aires Grains Exchange lowered their soy production estimate for Argentina another 1.5 MTM to 21 MMT. Harvest was shown 69% complete. Rosario had their figure at 21.5 MMT and USDA is at 27 MMT.
The International Grains Council expects Argentina’s old crop bean production is 23 MMT. Global production was set at 369.1 MMT for 22/23. IGC raised their outlook for new crop by 2.2 MMT to 403.3. Ending stocks were shown as 50.2 MMT and 64 for 22/23 and 23/24 respectively.
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.
Jul 23 Soybeans are at $13.20, down 13 1/4 cents,
Nearby Cash is at $13.01 3/4, down 13 1/8 cents,
Aug 23 Soybeans are at $12.57 1/2, down 12 cents,
Nov 23 Soybeans are at $11.82, down 5 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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