Soybeans Down by Double Digits

So far the market is 10 3/4 to 17 cents lower. Soybean futures rallied off their lows and Monday’s debacle for a Turnaround Tuesday and 9 1/4 to 16 1/4 cent gains. The in-delivery Aug contract missed out on the late session strength, and closed only a penny higher. Preliminary open interest confirms short covering, dropping 7,548 contracts on the day. Soymeal was $2.20 to $4.90 higher at the close. Front month Soybean Oil futures ended the session with 2% gains of as much as 151 points.  EIA confirmed that 1.14 billion lbs. of soy oil was used for biofuel production in May, up 33% from May 2022.  

There were zero deliveries against August meal overnight. There were 100 lots put out against August BO, with a JPM client on the receiving end. The have been zero notices against August soybeans, with the oldest long still dated 6/16/23. 

USDA reported June’s soybean crush was 174.53 mbu. That was within the range of expectations, but was below the average trade guess. June crush was up 470k bushels yr/yr, but was below the 189.3 mbu in May. June had 1 less crush day, but at 5.82 mbu/day it was the lowest pace since September ’22. The full season crush reached 1.858 mbu with 2 months left in the reporting season. Soy oil stocks from the Fats and Oils report were 2.203b lbs, down from 2.386 billion in May. 

Wire reports suggest Garuda Indonesia is set to test palm-based jet fuel in a live flight. The fuel contains 2.4% palm kernel oil. 

Barchart’s latest cmdtyView Bean Yield was mostly UNCH at 50.75 bpa for a total 4.39 bbu output.

Aug 23 Soybeans  closed at $14.46 3/4, up 1 cent, currently up 15 1/2 cents

Nearby Cash   was $13.50, down 47 1/4 cents,

Sep 23 Soybeans  closed at $13.86 3/4, up 16 1/4 cents, currently up 12 1/2 cents

Nov 23 Soybeans  closed at $13.41 1/4, up 9 1/2 cents, currently up 13 3/4 cents