Monday’s soybean market is sharply higher with midday gains of as much as 2.4%. July futures are just 3 3/4 cents under their early high with a 31 cent gain. November contracts are holding below the $12/bu mark, but are up by 20 cents at midday. Soybean meal futures are gaining $1.90 to $2.30/ton so far. Midday soy oil trading has the board 2.6% in the black with triple digit gains.
USDA announced a private export sale of 225k MT of soymeal to Philippines for 22/23 delivery.
USDA’s weekly Export Inspections data had 155,051 MT of soybean exports for the week that ended 5/18. That was down from 187k MT last week and from 582k MT during the same week last year. USDA added 39k MT to past reports for a season total of 48.199 MMT. The full year total at the same point last season was 49.146 MMT.
China reported 5.3 MMT of soybeans were imported from Brazil during April. That was down 16% yr/yr. U.S. sourced soybean imports were tallied at 1.82 MMT for April, an 11% increase yr/yr.
Brazil’s Safras and Merado expects the 2022/23 soy harvest is 155.66 MMT, now that harvest is complete.
Jul 23 Soybeans are at $13.37 1/2, up 30 1/4 cents,
Nearby Cash is at $13.18, up 30 cents,
Aug 23 Soybeans are at $12.71 1/2, up 23 1/2 cents,
Nov 23 Soybeans are at $11.95 1/2, up 20 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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