
cent gain, August was up 1 1/2 cents, and meal futures closed $1.70 to $8.50 higher. The new crop bean futures ended with 3 1/2 to 9 1/4 cent losses. Corn was weaker on the day, which left the new crop soy/corn ratio at 2.220. The insurance guarantee price ratio was 2.327. Soybean oil futures closed down by 45 to 58 points on Wednesday.
NOAA’s updated 7-day QPF shows needed moisture for the ECB through MO. Southern IL will receive ~1” accumulated through the week, while W MO and E. KS will get as much as 2 1/2”. Notably, WI, N. IA, MN, and the Dakotas will stay mostly dry.
The official soybean export in April was 40 mbu according to Census data. That was the lowest for the month since 2015. The full year’s total reached 1.858 bbu, or 92% of USDA’s estimate. Census also showed 1.128 MMT of soymeal exports and 27,498 MT of soy oil exports for April.
Going into Thursday’s Export Sales report, analysts expect between 100k MT of cancelations and 300k MT of net new sales for old crop soybeans. Analyst estimates for new crop bookings range 50k MT to 400k MT for the week that ended 6/1. Traders are also looking for between 150k and 500k MT of soymeal sales in the report, with as much as 10k MT of soy oil sales.
China brought in 12.02 MMT of soybeans in May, setting a new record for any month (topping June 2020’s 11.2 MMT). YTD the PRC has imported 42.31 MMT of soybeans, a 11.2% lead over last year’s pace.
Jul 23 Soybeans closed at $13.60 3/4, up 7 1/2 cents,
Nearby Cash was $13.28 3/4, up 2 3/4 cents,
Aug 23 Soybeans closed at $12.67 1/4, up 1 1/2 cents,
Nov 23 Soybeans closed at $11.78 1/2, down 6 1/4 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.