Soybean Futures Close Lower with BO Gains and Meal Losses

Soybean oil futures were 36 to 52 points higher at the close on Thursday. That left the July contract at a net 125 point gain for the week. The beans and meal however closed red. July soybeans were only fractionally weaker at the close, having printed a wide 28 1/2 cent range, while the deferred contracts gave back 9 to 12 3/4 cents. Soymeal futures ended the day $5 to $6.10 weaker. 

USDA’s weekly Export Sales report showed 115k MT of old crop beans were booked during the week that ended 5/18. That was a 3-week high led by sales to Germany and Japan. The total commitments were marked at 50.84 MMT, or 1.868 bbu, as of 5/18. The new crop business was limited to just 1.1k MT. 

For the products, FAS data showed 22/23 soymeal sales were 341,272 MT. That was in line with the expected range. Forward sales for 23/24 were 50,625 MT, also as expected, for a 455k MT total forward book. Soybean oil bookings were 6,202 MT for the week, all for 22/23 delivery.  

Argentina’s soybean harvest was shown at 78% complete, trailing last year’s pace by 14% points. ANEC reported Brazil’s May soybean export should reach 15.9 MMT. The European Union reported the season’s soybean import reached 11.36 MMT as of May 21. 

Jul 23 Soybeans  closed at $13.24, down 1/2 cent,

Nearby Cash   was $13.03 1/8, down 1 5/8 cents,

Aug 23 Soybeans  closed at $12.49 3/4, down 9 cents,

Nov 23 Soybeans  closed at $11.72 1/4, down 12 3/4 cents,