Beans bounced back and settled mostly higher on the day. August stayed red for a 4 1/2 cent loss, to the deferred contracts’ nickel gains. July soybean futures expired at $14.95 3/4, a 15 1/2 cent premium to the now lead month August contract. Soymeal futures were $1.50 to $0.90 higher at the close. BO futures settled the day down by 52 to 64 cents. USDA showed the cash B100 price was stronger in MN by 55 cents to $5.60/gal, but weaker in IL to $5.73/gal.
Analysts estimate the NOPA members processed 170.568 mbu of soybeans in June. That would be down from May’s 177.9 mbu if realized, but still a new record for the month. There was one less processing day in June. Soy oil stocks are expected to be 1.872 billion lbs. The NOPA report will be released on Monday.
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.
Aug 23 Soybeans closed at $14.80 1/4, down 4 1/2 cents,
Nearby Cash was $14.80 3/8, down 7 1/8 cents,
Sep 23 Soybeans closed at $13.99 3/4, up 3/4 cent,
Nov 23 Soybeans closed at $13.70 3/4, up 1 cent,
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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