So Futures Bounce into Close

Late session buying lifted the soybean board into the black for the day’s close. Futures ended the session 7 to 9 cents off their lows, going home 4 1/4 to 6 1/2 cents in the black. Meal prices also firmed into the day’s end, closing a net 70 cents to $1.70/ton higher. BO prices also firmed up, but stayed 42 to 58 points red at the bell. 

Weekly soybean bookings were reported at 734,613 MT for old crop from the week that ended 4/28. That was above the range of estimates going in and was a 4 week high. According to the weekly report 563,689 MT of soybeans were shipped during the week. That left the season’s total at 47.3 MMT, a 16% lag from last year’s pace. New crop soybean sales were 407k MT, down 30% from the previous week and at the bottom of the expected range. The USDA had previously announced 253k MT of new crop soybean sales to China and Unknown. Total forward sales were 11.1 MMT, up 63% ahead of last season’s pace. 

For the products, USDA reported 232k MT of soymeal booked for 21/22 delivery. That compares with 203k MT last week and 100-300k MT expected. In BO, weekly export sales were 14,742 MT. That was mid-range of estimates, but a 5-week high. 

May 22 Soybeans  closed at $16.78 1/2, up 8 3/4 cents,

Nearby Cash  was $16.11 1/2, up 7 1/2 cents,

Jul 22 Soybeans  closed at $16.47, up 6 1/2 cents,

Nov 22 Soybeans  closed at $14.91 3/4, up 5 1/4 cents,

New Crop Cash  was $14.46 5/8, up 5 1/2 cents,