Early Friday market activity is pushing beans 9 to 12 cents lower and back to battling at the $12 mark for the weekend. Soybeans backed off initial gains on Thursday but still closed in the black. Futures were up by 1 ¾ to 4 cents across the front months, as May saw a 22 ¾ cent range for the day. Soymeal futures ended the Thursday session up by $1.80 to $2.20. The nearby Soy Oil futures closed off the day’s lows but still 15 to 21 points weaker.
USDA’s weekly Export Sales data had 494k MT of soybeans booked during the week that ended 3/14. That was in line with estimates and up 31% from the prior week. Total commitments for the marketing year are now 40.16 MMT, or 19% behind last year’s pace. Those numbers are 86% of the full year WASDE forecast, but would typically be 91% by this date.
The week’s soymeal bookings were 243k MT, which brought total old crop commitments to 10.1 MMT. BO bookings were back down to 1.9k MT for the week.
USDA’s attache released their preliminary 24/25 estimates for Chinese soybean imports at 103 MMT. That would be down from the 103-105 MMT forecasted for old crop.
May 24 Soybeans closed at $12.12, up 2 1/2 cents, currently down 12 1/4 cents
Nearby Cash was $11.55 5/8, up 2 1/2 cents,
Jul 24 Soybeans closed at $12.25 3/4, up 2 1/2 cents, currently down 12 1/4 cents
Nov 24 Soybeans closed at $12.04 1/4, up 4 cents, currently down 9 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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