Soybean futures are down 10 to 11 cents in the front months on Wednesday. Bulls couldn’t manage to pull out strength on Tuesday, as price action turned around from Monday’s gains, with losses of 12 to 16 cents. Soymeal futures were down $8.20/ton in the September contracts, with August down $12.70/ton. Soy Oil futures were down 17 to 26 points.
The official Census export data was released this morning, with US soybean exports tallied at 1.339 MMT (49.2 mbu). That was well above last year but a 5.04% drop from May. Year to date exports have totaled 43.03 MMT, or 1.581 bbu, as 119 mbu is needed in the final 2 months of the MY to meet USDA’s number.
Soybean meal shipments in June totaled 1.119 MMT, a 10.76% increase from May but down 11.19% from last year’s June record. Bean oil exports were a 4-year high for June at 52,312 MT, which was also the largest for any month since July 2022.
Soybean exports out of Brazil were tallied at 11.25 MMT during July, according to government data, 16% above the same month last year.
Aug 24 Soybeans closed at $10.28 1/2, down 15 3/4 cents, currently down 11 cents
Nearby Cash was $10.02 3/8, down 16 1/4 cents,
Nov 24 Soybeans closed at $10.26 3/4, down 14 cents, currently down 10 1/4 cents
Jan 25 Soybeans closed at $10.43 1/4, down 13 3/4 cents, currently down 10 cents
New Crop Cash was $9.71 1/4, down 14 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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