Report Day Starting Higher for Soy

Soybeans are up by 3 1/4 to 6 1/4 cents so far, as meal and oil are also each up by 0.4% in anticipation of the USDA reports . Soybean prices ended Thursday with some 10 1/2 to 12 1/2 cent gains. July was left out, ending only 2 1/2 cents higher. Soybean oil futures rallied the most on Thursday with 2.8% to 4% gains on the day. Soymeal faded with $1.20 to $1.30 front month losses. 

Canadian Canola Prices were $7 higher on the day after seeing the lowest prices since August 2021 last week.

Ahead of the monthly S&D update, traders expect USDA to increase old crop bean carryout by 6.4 mbu. The average of trade guesses for new crop is also 6 mbu higher via the expected carry-in. Survey respondents averaged a 500k MT increase for Brazil’s crop, but are looking for a larger cut to Argentina. Old crop bean stocks are estimated 400k MT tighter on the world stage. 

Weekly Export Sales data showed 207,236 MT of old crop soybeans were sold for the week that ended 6/1. That was near the high end of estimates and was a 5-wk high. New crop sales were 264,590 MT for the week, led by China. The data showed old crop commitments were at 51.17 MMT and new crop commitments were at 3.117 MMT as of 6/1. 

The products saw 267,611 MT of sales for meal and net 139 MT of cancelations for the oil. For soymeal that left the commitments at 11.15 MMT for 22/23 and 607k MT for 23/24, and total soy oil commitments were 126,287 MT and 3.9k MT respectively as of 6/1. 

Jul 23 Soybeans  closed at $13.63 1/4, up 2 1/2 cents, currently up 6 1/4 cents

Nearby Cash   was $13.33 5/8, up 5 1/8 cents,

Aug 23 Soybeans  closed at $12.79 1/4, up 12 cents, currently up 6 cents

Nov 23 Soybeans  closed at $11.89, up 10 1/2 cents, currently up 3 1/4 cents