Soy Futures Rally so far

Soybeans are rallying double digits into the final trade day of the week. The soybean futures market stayed beneath their highs from Wednesday, but closed near or at the high for Thursday with 40+ cent gains. November futures were up 52 cent for the week’ with today yet to complete.  Soymeal futures were 2.7% higher Thursday with double digit dollars/ton gains. Soy oil futures also recovered 2.1% to 2.5% on Thursday, as August closed at the highest mark since November. July soy futures expire at the close tomorrow. 

There is no open interest remaining in July soy meal. There were no delivery notices overnight vs. July BO, with the oldest long dated 6/29/23. There were also no notices against July soybeans, with the oldest long dated May 24 and expecting delivery today at expiration. 

Canadian Canola Prices nearly set new highs for the year on Thursday with a 2% rally to $814.40 CAD/MT – the recent rains continue to miss Canadian fields.

Brazil’s CONAB unexpectedly trimmed their soybean output – mainly with a 1.5 MMT loss in RGDS, for a 154.566 MMT figure. USDA left their estimate at 156 MMT in the WASDE report. 

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 2023/24 soybean export sales to date total  4.153 MMT, 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. Soybean oil saw net cancelations of 6k MT for the week that ended 7/6. 

Aug 23 Soybeans  closed at $14.84 3/4, up 40 1/2 cents, currently up 12 1/2 cents

Nearby Cash   was $14.87 1/2, up 32 cents,

Sep 23 Soybeans  closed at $13.99, up 43 1/4 cents, currently up 14 cents

Nov 23 Soybeans  closed at $13.69 3/4, up 42 cents, currently up 14 cents