Thursday’s soybean trade is working 27 1/2 to 38 1/4 cents in the black and sitting just under the session highs. The Sep contract has a 3% gain at midday. Soybean meal prices are trading up by as much as $5.80/ton, with +3% gains in the soybean oil market. July BO is working near 3-month highs.
NOPA members processed 177.92 mbu of soybeans in May. That was 2.1 million above the trade average estimate, but within the full range of pre-report survey responses. That was also a new record for the month and 8.5 mbu below the highest all time from Dec 2021. Soy oil stocks were 1.872b lbs.
USDA’s weekly Export Sales report showed old crop soybean bookings were 478k MT for the week that ended 6/8. That was at the top end of estimates. New crop sales were 48,544 MT for the week, which was below the lowest pre-report estimate. USDA reported old crop commitments at 51.65 MMT, and new crop commitments at 3.2 MMT as of 6/8. Soy meal’s export sales were shown at 225,865 MT for the week that ended 6/8, which included 208k MT for old crop and 18k for new crop. BO bookings were 2k MT for old crop and net cancelations of 122k MT for 23/24 delivery.
China is set to auction 315k MT of imported state reserve soybeans.
Argentina’s BAGE estimated the soybean crop at 20.5 MMT, down by another 1 million from their previous forecast. USDA’s June forecast pegged their output at 25 MMT.
Jul 23 Soybeans are at $14.17, up 28 3/4 cents,
Nearby Cash is at $13.87 5/8, up 29 1/2 cents,
Aug 23 Soybeans are at $13.53 3/4, up 35 1/4 cents,
Nov 23 Soybeans are at $12.77, up 37 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.
/Technology%20abstract%20by%20TU%20IS%20via%20iStock.jpg)
/Micron%20Technology%20Inc_%20logo%20on%20building-by%20vzphotos%20vis%20iStock.jpg)
