Soybean futures are mixed with old crop bean and soy oil in the black and new crop beans and meal in the red. July soybeans are up by 2 cents after already seeing a 21 3/4 cent range. Soybean oil futures are up by 42 to 48 points so far at midday. The new crop soybean market is down 1 3/4 to 2 3/4 cents through midday. Meal is also 70 cents in the red.
Analysts are looking for USDA to report between 50k MT of net cancelations and 300k MT of net new sales for old crop beans in the weekly Export Sales report. New crop sales are expected to come in between 100k MT and 675k MT for the week that ended 5/18.
Estimates for soymeal range 150k MT to 550k MT for the week, with less than 150k of it for 23/24 delivery. Traders expect less than 10k MT of soybean oil was sold during the week for both 22/23 and for 23/24.
Iran booked 260k MT of soymeal via international tender. ANEC reported Brazil’s May soymeal exports were on pace to reach 2.5 MMT for May. The soybean export is estimated to be 15.9 MMT. The European Union reported the season’s soybean import reached 11.36 MMT as of May 21.
Jul 23 Soybeans are at $13.26 3/4, up 4 1/4 cents,
Nearby Cash is at $13.07 7/8, up 3 7/8 cents,
Aug 23 Soybeans are at $12.60 1/2, up 1 3/4 cents,
Nov 23 Soybeans are at $11.87 1/4, down 1/2 cent,
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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