The November soybean contract has given back half of the rally since the start of the month following another 29 1/4 cent giveback on Wednesday. The July contract led the market lower as First Notice Day approaches on Friday. The products closed the midweek session with $5-$7 losses in soymeal and 123-144 point losses in soy oil. The CME Synthetic Soy Crush  was calculated at 86 c/bu for old crop, compared to 40c/bu to start the week. The new crop crush was $1.78/bu using CME’s formula.Â
Analyst estimates for the weekly Export Sales report range 200k-500k MT for old crop soybeans. New crop expectations are from 0 to 200,000 MT. The products are expected to see as much as 300k MT for meal and 10k MT for oil.Â
StatsCan reported 2023’s soybean area at 5.631m acres. That is up from 5.27m last year, and was at the top end of estimates. Canola area was increased 686k acres yr/yr to 22.08 million. Traders were looking for a 500k acre increase on average.Â
Canadian Canola Prices were down by $13.20 CAD/MT in the November contract on the Stats Can news, but held above the $700 mark.
Iran is in the market for 120k MT of soymeal to be sourced from South America. Brazil’s Anec estimates the June meal exports at 2.32 MMT, with 14.2 MMT of whole bean shipments. Abiove raised their estimate for 22/23 Brazilian production by 1 MMT to 156 MMT, with local marketing year exports projected at 97 MMT.Â
Jul 23 Soybeans  closed at $14.51, down 44 cents,
Nearby Cash  was $13.77 3/8, down 38 1/8 cents,
Aug 23 Soybeans  closed at $13.61, down 34 1/2 cents,
Nov 23 Soybeans  closed at $12.65, down 29 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.
/Cisco%20Systems%2C%20Inc_%20HQ-by%20Sundry%20Photography%20via%20iStock.jpg)
/Pfizer%20Inc_%20logo%20sign-by%20JHVEPhoto%20via%20iStock.jpg)
