Soybeans came out of the Juneteenth holiday, with contracts down 4 to 18 ¾ cents at the Thursday close. Soymeal futures were steady in some of the back months to $7/ton lower for July. Soy Oil futures were down 11 to 31 points in the red. July options expire on Friday. Heavy open interest for the calls is around the 1260 strike at 14,153 contracts, and the 1180 strike for the puts at 10,044 contacts.
Export Sales data is delayed until Friday, but expected to see an uptick in bean bookings for the week that ended on June 13 at 375,000-850,000 MT. That includes the 330,000 MT in announced sales during that week. New crop sales are estimated in a range of 0-200,000 MT. Soymeal bookings are seen at 150,000-450,000 MT, with bean oil at 0-25,000 MT.
Chinese imports during May were at 10.2 MMT, with 8.8 MMT coming in from Brazil and just 1.27 MMT to the US.
Jul 24 Soybeans closed at $11.55 1/4, down 18 3/4 cents,
Nearby Cash was $11.03 1/1, down 16 3/4 cents,
Aug 24 Soybeans closed at $11.39 3/4, down 16 1/4 cents,
Nov 24 Soybeans closed at $11.16 3/4, down 15 1/4 cents,
New Crop Cash was $10.61 1/2, down 15 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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