Soy Futures Close Mostly Higher

The soy market was mixed on Thursday. Beans were mostly stronger with gains of as much as 10 1/4 cents for the day, though August and September were in the red for the settle. Soymeal closed up by $2 to $3.30 on Thursday. The Soybean Oil market finished the session within 10 points of UNCH.  

Brazil’s CONAB raised soybean production by 37 MT to 154.6 MMT. Most of the increase came via Rondonia in the North. USDA is currently using 156 MMT. Rosario Grains Exchange released their preliminary estimates for Argentina’s 23/24 bean production at 48 MMT – up from 20 MMT this year. 

FAS reported soybean bookings were 406.6k MT for old crop - well above the 5-week average, same week last year, and the expected range. New crop business came in at 1.096 MMT, near the top end of estimates. China was the top buyer for new crop beans, with 753k MT and only 266k MT previously announced for the week. China holds 3.752 MMT on the books, compared to 8.868 MMT last year. The 23/24 commitments to all destinations remain 42% behind last year’s volume with 9.19 MMT. 

The weekly update showed soymeal bookings were 144k MT for old crop delivery and 286k MT for 23/24. Old crop meal sales were inline with estimates, and NMY bookings were at the top end of the expected range. Total exports reached 10.657 MMT as of 8/3. Soybean oil bookings came in as a net 645 MT cancelation. USDA mentioned a 1k MT cancelation from Guatemala offset 300 MT sold to Canada. 

Sep 23 Soybeans  closed at $13.52, down 3 1/4 cents,

Nearby Cash   was $13.19 3/4, up 7 1/2 cents,

Nov 23 Soybeans  closed at $13.18 1/4, up 9 3/4 cents,

Jan 24 Soybeans  closed at $13.28 1/4, up 9 3/4 cents,