Soy Market Closed Mixed

The soy futures complex was mixed on Thursday, as soy oil rallied triple digits to new all time highs above 90 cents/lb. Beans faded with 3 3/4 to 8 cent losses in the nearbys, though May was down by 20 cents. Soymeal closed down by $9.40 to $10.90/ton. 

USDA reported 481,317 MT of old crop soybeans were sold during the week that ended 4/21. That was up 4% wk/wk and 64% from the same week last year falling right in the middle of pre-report estimates. 171k MT of the sale was previously known business to Mexico and Unknown. For new crop, the USDA reported 580k MT of sales which was also in-line with estimates. That left total forward business at 10.74 MMT or 62% above forward sales for the current season at the same time last year. Of that, China holds 7 MMT on the books for 22/23. 

For the products, the weekly FAS data release had soymeal sales at 202,985 MT for 21/22 delivery and none for NMY. Traders were looking for no more than 250k MT going in. Soymeal exports were tallied at 251.8k MT through the week, taking the MYTD total to 6987 MMT. In soy oil, exporters sold 3,480 MT during the week of 4/21. That was at the low end but within the range of pre-report estimates. 9,953 MT of soy oil was shipped through the week leaving the season’s total at 515,867 MT as of 4/21. That trails last year’s pace by 7.4%. 

South Korean firms purchased 119k MT of soymeal from international sources, both deals were done without tender. 

May 22 Soybeans  closed at $17.06 1/2, down 20 cents,

Nearby Cash   was $16.45 1/8, down 10 cents,

Jul 22 Soybeans  closed at $16.84 3/4, down 8 cents,

Nov 22 Soybeans  closed at $15.21, down 3 3/4 cents,

New Crop Cash   was $14.74, down 3 1/4 cents,