Soybeans are pulling off their overnight strength, with midday action showing gains of just 4 to 5 cents. Soymeal futures up $3.20 per ton. Soy Oil futures are down 23 points so far on the day. August futures for all three expire today.
Bean oil is feeling weaker following a proposal out of California to limit soybean and canola oil to a 20% inclusion rate (on a per entity basis) in biodiesel and renewable biodiesel to qualify for LCFS credits earlier this week. The proposed limits would go into effect in 2028.
Soybean export sales are seen as totaling between 100,000 and 500,000 MT in Thursday’s Export Sales report for the 2023/24 crop. Sales for the 2024/25 marketing year are estimated in between 400,000 MT and 1 MMT for the week that ended in August 8. Meal bookings are expected to total between150,000 and 650,000 MT between the current and next marketing year. Bean oil is estimated in a range of net reductions of 3,000 MT to sales of 25,000 MT.
Aug 24 Soybeans  are at $9.89 3/4, up 3/4 cent,
Nearby Cash  is at $9.35 1/1, up 4 1/2 cents,
Nov 24 Soybeans  are at $9.67, up 4 1/2 cents,
Jan 25 Soybeans  are at $9.85 1/4, up 5 cents,
New Crop Cash  is at $9.10 1/4, up 4 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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