Soybean futures are rallying out of the three-day weekend with contracts up 20 to 24 cents across most contracts. Soymeal futures are up $8.80/ton in the October contract, with October Soy Oil futures down 69 points.
USDA reported a private export sale of 132,000 MT of soybeans to China this morning.Â
The weekly Export Inspections report from FGIS showed 496,860 MT of soybean shipments in the week that ended on August 29, 18.4% above last week and 21.8% larger than the same week last year. China was the largest destination of 193,722 MT, with 104,045 MT headed to Mexico. Year to date shipments for the 2023/24 MY that is nearing its close are 44.709 MMT (1.643 bbu).
Ahead of this afternoon’s Fats & Oils report the trade is expecting to see 192.135 mbu of soybeans crushed during July. Soybean oil used as a feedstock for biodiesel production in June totaled 1.267 billion lbs. That was up from 1.076 billion lbs in May and the largest since July 2023.
CFTC data showed managed money trimming back 6,207 contracts from to their net short as of Tuesday August 27 at 176,551 contracts.
Sep 24 Soybeans  are at $10.06 1/2, up 24 1/2 cents,
Nearby Cash  is at $9.59 7/8, up 9 3/4 cents,
Nov 24 Soybeans  are at $10.22 3/4, up 22 3/4 cents,
Mar 25 Soybeans  are at $10.54 1/2, up 22 3/4 cents,
New Crop Cash  is at $9.59 7/8, up 16 cents,
On the date of publication, Austin Schroeder 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.
/Semiconductor%20Chip%20by%20Gorodenkoff%20via%20Shutterstock.jpg)
/Oracle%20Corp_%20office%20logo-by%20Mesut%20Dogan%20via%20iStock.jpg)
/NVIDIA%20Corp%20logo%20outside%20building-by%20BING-JHEN_HONG%20via%20iStock.jpg)