Midday beans are off their lows and trading near the session highs through Friday’s midday. July is currently up 19 cents for the 30 1/4 cent range. Soymeal futures are also off their lows at midday, but still 50 cents to $1.40 in the red. BO prices are leading the market with triple digit gains so far.
USDA reported 123,396 MT of old crop beans were sold for export during the week that ended 5/25. That was a 7% increase from last week and was inline with estimates. Accumulated commitments were up to 1.873 bbu, or 93% of the forecast. New crop sales were 301k MT for the week which was near the top end of the expected range. Accumulated new crop commitments reached 2.853 MMT, as the USDA forecast is set at 53.75 MMT.
FAS data had soymeal bookings at 405k MT for 22/23 delivery and 62k MT for 23/24. That left commitments at 10.969 MMT and 517k MT respectively. For soy oil, the report showed 1,729 MT were booked for 22/23 and 3.2k MT for 23/34.
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 and 2.5b expected.
Jul 23 Soybeans are at $13.47 1/4, up 17 3/4 cents,
Nearby Cash is at $13.18 1/4, up 16 1/4 cents,
Aug 23 Soybeans are at $12.58 1/2, up 14 1/2 cents,
Nov 23 Soybeans are at $11.80 3/4, up 11 3/4 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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