Soy Futures Fading into Friday’s Day Session

Soybeans are starting Friday’s day trade with a penny to 6 1/4 cent weakness. For the week, Nov beans are at a 23 1/4 cent loss. Meal is down 1% so far, with 0.5% to 0.7% gains in the BO. Beans settled near their highs on Thursday. At the close the front months were 18 1/4 to 29 3/4 cents in the black. Soymeal prices ended with $4.80 to $8/ton gains on the day. Soy oil futures rallied +3% with gains of as much as 166 points for the first trading day of June. 

NASS reported 186.97 mbu of soybeans were processed during the month of April. That was down 5.5% from March on one less crush day but was a new record for the month. Traders were looking for 184.8 mbu on average going in. Soybean oil stocks were 2.54b lbs, compared to 2.39b last month. That is a 14-month high in inventory.  

Industry sources suggest U.S. importers booked at least 179k MT of Brazilian soybeans for June shipment to the Southeast, following two previous April purchases.  

Official Brazilian export data marked May’s soybean program at 15.61 MMT. That was a 47% increase from May ’22. 

Trader estimates ahead of the weekly Export Sales report have old crop bean bookings between 100k MT of cancelations and 300k MT of net new sales. Old crop bean sales are estimated to be as much as 450k MT for the week that ended 5/25. The products range 175k to 500k MT for meal and 0k to 20k MT for soy oil. 

Jul 23 Soybeans  closed at $13.29 1/2, up 29 3/4 cents, currently down 5 3/4 cents

Nearby Cash   was $13.02 1/1, up 29 1/8 cents,

Aug 23 Soybeans  closed at $12.44, up 26 1/4 cents, currently down 6 1/4 cents

Nov 23 Soybeans  closed at $11.69, up 22 1/2 cents, currently down 2 1/2 cents