Soybeans are trading 20 to 28 cents weaker in early Thursday futures action. The AM products quotes are also in the red, as meal backs off $5 to $8, and oil extends the pullback with another triple digits. The soy complex saw wildly different trade action on Wednesday as meal closed up by $26 to $28.70/ton with 7% gains but soy oil ended the day locked limit down. The July ATM options market had BO trading synthetically around 54.9 cents/lb. vs. the futures settle of 55.63. The meal contributed 58 cents/bu to product value, but the 4c losses in oil removed 47 cents of product value. Soybeans closed the day with 2.2% to 2.6% gains, greater than 30 cents per bushel. CME showed the 15,984 closed contracts in July beans offset the net new buying in the other active contracts. On net, the options market saw 3k fewer contracts in play across all contracts/strikes via closed puts. July options expire on Friday, with 124k calls (from 140k on Friday) and 97k puts (from 99.5k). July has rallied $2.20 per bushel from the May 31 close to Wednesday evening!
On net the board crush weakened by 27 cents to ~$1.11/bu according to our inhouse formula. The CME Synthetic Soy Crush , with less representative product yields, was down ~22 cents to 63 1/2 per bushel on the day.Â
EPA’s official RFS mandates were released, with biomass-based diesel set at 2.82b gallons for 2023, 3.04b for ’24, and 3.35b for ’25. The proposed amounts were 2.89 and 2.95 billion gallons for 2024 and 2025 respectively.Â
Jul 23 Soybeans  closed at $15.14 3/4, up 37 1/2 cents, currently down 18 3/4 cents
Nearby Cash  was $14.66 1/2, up 35 cents,
Aug 23 Soybeans  closed at $14.45, up 36 3/4 cents, currently down 23 1/4 cents
Nov 23 Soybeans  closed at $13.77, up 34 1/4 cents, currently down 28 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.
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