Front month soybean futures are trading 2 to 3 ¼ cents higher at Friday’s midday. Soymeal futures are also trading in the black with $4.40 to $5.60 gains. The Soybean Oil market is another 40 points lower so far, working on a net weekly loss of 3 cents. USDA’s weekly bioenergy data had the cash B100 prices at $6.15/gal in IL and $4.85/gal in MN (-15c).
Weekly Export Sales data showed 155.6k MT of old crop beans were sold and 1.783 MMT of new crop beans were sold during the week that ended 8/31. That was above estimates and near the top end of the expected range respectively. Of the new crop business, 962k MT were previously announced. The old crop commitments finished the MY with 53.43 MMT (1.963 bbu). New crop business is set to start the season with 15.94 MMT (585.7 mbu) on the books. That is down from 24.4 MMT last year.
Also from the report, USDA had meal bookings at 297,077 MT for old crop and 143k MT for new crop delivery. Those came in above and within the expected range. Soy oil sales were marked at 878 MT of net cancelations for the week that ended 8/31.
StatsCan data had canola stocks at 1.506 MMT for July 31, compared to 1.325 MMT last year.
Traders are looking for USDA to trim another 8/10ths off the national average soy yield in Tuesday’s monthly WASDE report. The full range of estimates is from 49.5 (-1.4) to 51 (+0.1). The average estimate for soybean output is 4.150 bbu.
Sep 23 Soybeans are at $13.39, down 6 cents,
Nearby Cash is at $13.00 1/4, up 2 1/2 cents,
Nov 23 Soybeans are at $13.62, up 2 1/2 cents,
Jan 24 Soybeans are at $13.76 1/4, up 2 1/2 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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