
AM soy trading shows the board is again weaker with double digit losses in meal and beans as the soy oil is firming. The July options expire today, with the $15 pin seeming to be a stretch as the board is closer to $14.75. The most active call strikes were 1450, 1500, and 1600 as the most OI was at the 1330 and 1440 put strikes. Yesterday, soybeans were down by 14 1/4 to 40 1/4 cents at the close on Thursday. July futures saw the late session strength in soy oil and ended up 32 cents off their lows to stay above the $15 mark. Nov beans also firmed up from their daily lows but still settled 37 1/2 cents lower. Preliminary open interest showed long liquidation, dropping 1,462 contracts, but with 18,458 leaving July. Soymeal extended losses through the afternoon to close $14.50 to $16.40/ton weaker. BO futures firmed up and ended in the black on a wide ranged Thursday session.
Ahead of the weekly Export Sales report analysts are expecting between 100k and 600k MT of old crop soybean sales. New crop bookings are expected to be as much as 300k MT for the week that ended 6/15. The products are estimated to have 150k to 300k MT of meal and less than 15k MT of oil in the FAS update.
Canada’s StatsCan Acreage survey is expected to show a 300k acre increase yr/yr to soybean area. The full range of estimates is from 5.3m acres to 5.8. Canola area is estimated at 21.8 million on average compared to 21.4 last season.
Brazilian export data showed 1.92 MMT of soybeans have been exported to Argentina through the first 5 months of 2023 – making Argentina their 2nd largest destination.
Jul 23 Soybeans closed at $15.00 1/2, down 14 1/4 cents, currently down 27 cents
Nearby Cash was $14.40, down 26 3/8 cents,
Aug 23 Soybeans closed at $14.18 1/4, down 26 3/4 cents, currently down 26 1/2 cents
Nov 23 Soybeans closed at $13.39 1/2, down 37 1/2 cents, currently down 30 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.