
Soybeans are trading with double digit losses on Monday, as contracts are down 17 to 20 cents at midday. Soymeal is posting 80 cent losses in the July contract. Soy Oil is posting a 144 point drop in July futures to start the week.
Export Inspections data showed 348,644 MT of soybeans shipped in the week that ended on May 30. That was up 57% from both last week and the same week in 2023. Mexico was the top destination this week of 70,380 MT, with 68,237 MT headed to China. The year to date shipments according to FGIS data show 40.295 MMT (1.48 bbu) for soybeans, a 17.2% decline from last year.
Ahead of this afternoon’s Fats & Oils report, trade estimates expect to see 175.5 mbu of beans crushed during April (one less operating day in the month, plus a low NOPA number). Stocks for the end of the month are projected at 2.229 billion lbs.
Government data on Friday showed a hefty 6.7% rebound in combined biodiesel and renewable diesel production during March, with the 414 mgal being a 3 month high. Soy oil use as a feedstock was up 8% year/year in March and up 11% for the marketing year to date.
StoneX cut their Brazilian soybean crop estimate by 1.8 MMT to 149 MMT, citing flood losses in the South regions.
Jul 24 Soybeans closed at $11.87, down 18 cents,
Nearby Cash was $11.29 1/1, down 13 5/8 cents,
Aug 24 Soybeans closed at $11.85 1/4, down 18 1/4 cents,
Nov 24 Soybeans closed at $11.64 3/4, down 19 3/4 cents,
New Crop Cash was $11.09 1/4, down 19 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.