Front month beans have re-captured the post report sell off with 34 cent gains through Thursday’s midday. Futures are still below the yesterday’s high and November is at a 45 cent gain for the week to date. July futures expire at the close tomorrow, preliminary OI was just 201 contracts as of the 7/12 settle – as the board sits at $15.08. Soymeal futures are trading $11 to $12.30/ton higher through midday. Front month soy oil prices are up triple digits leading August toward new highs for the move.
USDA announced a 315,704 MT sale of new crop soybeans this morning via mandatory announcement. Weekly FAS data showed 80,587 MT of old crop beans were sold for export during the week that ended 7/6. Traders were expecting less than 300k MT going in. New crop sales were reported at 209k MT for the week, and were within estimates. The forward book was set at 4.153 MMT ahead of the 23/24 season – compared to 13.85 MMT at the same time last year.
Weekly Export Sales data showed soymeal business was 54,540 MT for old crop and 118,134 MT for NMY.
Aug 23 Soybeans are at $14.77, up 32 3/4 cents,
Nearby Cash is at $14.84 1/2, up 28 cents,
Sep 23 Soybeans are at $13.90 3/4, up 35 cents,
Nov 23 Soybeans are at $13.63 1/4, up 35 1/2 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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