Current soy futures action showed 6 to 14 cents losses across the front months on Friday morning, led by the November contract. Soybean futures were mostly ½ to 5 ¾ cents lower in the new crop contracts on Thursday. Nearby August was 3 ½ cents higher, with contracts past March ’24 up 1 ½ to 4 ¾ cents. Soymeal was down $3 to $4.40 at the close. Soybean Oil was 98 to 159 points in the green, helped by strength in crude.
The July outlook from IGC tightened global 23/24 soybean production by 2 MMT, noting the lost U.S. acreage reported on June 30. At 400 MMT, IGC still has a record world production figure dialed in. Projected soybean ending stocks were also trimmed by 2 MMT to 63 MMT.
USDA’s Weekly Export Sales report tallied old crop soybeans bookings of 127,047 MT, in the middle of trade estimates and above last week. New crop sales totaled a MY high 760,275 MT, which was above the high end of estimates. Help came from large daily announcement from Mexico, which was the largest buyer of 339,100 MT. Unknown bought another 229,000 MT, with China in for 143,000 MT.
Aug 23 Soybeans closed at $14.95, up 3 1/2 cents, currently down 6 1/2 cents
Nearby Cash was $14.75 1/4, down 1 1/2 cents,
Sep 23 Soybeans closed at $14.26 1/4, down 5 3/4 cents, currently down 9 3/4 cents
Nov 23 Soybeans closed at $14.04 3/4, down 4 cents, currently down 14 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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