Soybeans are up 7 to 8 cents so far on Friday morning. Futures fell lower on Thursday, with contract falling 14 to 16 ½ cents, as August expired down 3 ¼ at $10.08 ½. Preliminary open interest w up 10,291 contracts on Thursday. There were 3 deliveries issued on the final trade day for August. The cmdtyView national average Cash Bean price was down 16 3/4 cents at $9.65 1/4. Soymeal futures were back down $1.80 to $3.30/ton on the day, with Soy Oil futures down 76 to 140 points. There were 196, deliveries for August meal overnight, with the monthly total at 4,044 contracts. There were 7 deliveries issued for August meal.
Export Sales data showed a total of net reductions of 377,610 MT old crop sales during the week of August 7. That was a MY low, but is fairly normal in the last month of the market year. The Netherlands was the buyer of 68,900 MT, with net reductions were unknown of 184,900 MT and 158,300 MT for Mexico. New crop business exceeded estimates at 1.133 MMT, without China getting involved. That was a MY high and 15% above the same week last year. Unknown was the buyer of 424,200 MT, with 251,100 MT for Mexico.
Meal bookings totaled 272,970 MT, was in the middle of the estimated range of 150,000 to 500,000 MT, as there were 26,320 MT for the current MY and 246,650 MT for next MY. Bean oil sales were just 732 MT, between 0 and 22,000 MT.
CONAB data was released on Thursday, with the Brazilian soybean crop coming in 0.16 MMT higher mo/mo to 169.65 MMT. Abiove estimates the crop at 170.3 MMT, a 0.6 MMT increase from last month
NOPA data will be released later today, with analysts expecting to see 191.59 mbu of soybeans crushed during July. Soybean Oil stocks are estimated at 1.38 billion lbs.
Aug 25 Soybeans closed at $10.08 1/2, down 3 1/4 cents,
Nearby Cash was $9.65 1/4, down 16 3/4 cents,
Sep 25 Soybeans closed at $10.07 1/2, down 16 1/2 cents, currently up 7 1/2 cents
Nov 25 Soybeans closed at $10.28 1/2, down 15 3/4 cents, currently up 7 1/4 cents
New Crop Cash was $9.58 3/4, down 16 1/4 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.
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