Soybean futures were down 9 ¼ to 20 ¾ on Friday, with the old crop contracts giving back nearly all of their impressive Thursday gains. Soymeal futures settled $2.10 to $2.60 lower, with nearby July $6 above the low of the day. Soy Oil futures were down 71 to 72 points on an “inside day” technically. July BO settled 2 cents per pound lower for the week.
USDA reported a sale of 104,000 MT of soybeans to China under the daily reporting system this morning, all for old crop 2023/24 shipment.
CFTC Commitment of Traders data for the week ending June 4 showed the managed money spec funds increasing their soybean net short by 45,524 contracts, taking it 59,741 contracts (futures + options).
Oilseed processing association NOPA announced corrections for April NOPA crush, revising it upward to 169.436 million bushels from 166.034 million. NOPA member oil stocks were increased to 1.832 billion lbs from the previous 1.755 billion.
China Customs reported that May soybean imports totaled 10.22 MMT, down 15% vs. May 2023. Most of those came from Brazil, which was hampered by flooding Rio Grande do Sul. Calendar YTD imports total 37.37 MMT, down 5.4% year/year.
Jul 24 Soybeans closed at $11.79 1/4, down 20 3/4 cents,
Nearby Cash was $11.22 3/4, down 20 1/2 cents,
Aug 24 Soybeans closed at $11.76 3/4, down 16 3/4 cents,
Nov 24 Soybeans closed at $11.57 3/4, down 9 1/4 cents,
New Crop Cash was $11.01 7/8, down 9 1/8 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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