Soybeans Get Help from Products on Friday

Soybeans posted decent gains on Friday, with contracts up 8 to 12 cents across most months. Soymeal was up $7.10/ton in the August contract with July $16.50 higher. Soy Oil continued to climb, with contracts up 91 to 102 points on Friday. 

Delayed Export Sales data reported soybean sales at 228,379 MT during the week that ended on June 27. That was a 4-week low and on the bottom end of the 200,000 to 600,000 MT range of 23/24 estimates. China was the buyer of 66,500 MT, with the Netherlands purchasing 58,500 MT. New crop bookings were tallied at the second largest this marketing year of just 150,310 MT in that week. That edged out the top end of the estimated 50,000 and 150,000 MT range, with 120,000 MT sold to unknown destinations. 

Soy meal sales were in the middle of the 100,000 to 850,000 MT expectations at 501,518 MT. Sales for the current marketing year were 212,946 MT, with 288,572 MT for the next MY as 228,000 MT was previously reported to the Philippines. Soy oil sales for the 23/24 marketing year were 16,473 MT, with 24/25 bookings at net reductions of 4,778 MT.

Soybean exports out of Brazil totaled 13.947 MMT in June according to data released from the trade ministry on Thursday, 1.47% larger than the same month in 2023 and an increase from the May total. 

Jul 24 Soybeans  closed at $11.88 1/2, up 12 cents,

Nearby Cash  was $11.29 1/1, up 9 cents,

Aug 24 Soybeans  closed at $11.66 1/4, up 8 1/2 cents,

Nov 24 Soybeans  closed at $11.29 3/4, up 8 1/4 cents,

New Crop Cash  was $10.73 1/4, up 8 1/4 cents,