Soybeans extended the strength into Thursday, as contracts closed anywhere from 2 to 15 ¾ cents higher, led by the deferred contracts. Soymeal futures were down 90 cents to $4.90/ton, with front month Soybean Oil futures up 83-109 points.
Weekly Export Sales data showed old crop bean bookings backing off last week’s large total to 93,616 MT, which is normal for this point in the marketing year. New crop sales improved and exceeded expectations, coming in at 1.408 MMT, the second largest this year. China was the larger buyer of 940,000 MT, with ‘unknown’ in for another 258,000 MT.
Soybean meal sales were tallied at 126,413 for 22/23 shipment, with 23/24 totaling 220,535 MT, both below the previous week. Soybean oil continues their poor export performance, as much of the product put towards domestic use, as just 737 MT in total sales was reported. Commitments for the 22/23 MY (which ends in at the end of September) are down 81.6% from a year ago.
The International Grains Council released their monthly balance sheet update, trimming new crop soybean production by 2 MMT to 398 MMT, with the carryout up 1 at 64 MMT on a larger 22/23 carryover.
Sep 23 Soybeans closed at $13.36 3/4, up 2 cents,
Nearby Cash was $13.26 1/2, up 4 7/8 cents,
Nov 23 Soybeans closed at $13.30, up 6 1/2 cents,
Jan 24 Soybeans closed at $13.40 3/4, up 7 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.
