Soy Market Adds Value on Thursday

Soybean prices ended the Thursday session with 21 3/4 to 39 cent gains. For November, that left the board just 18 3/4 cents under the LoC high. Meal prices were 10 cents to $2.20/ton higher at the closing bell. BO futures rallied 249 to 333 points on the day. 

USDA announced a large soybean export sale to Pakistan this morning. 55k MT of the 352k MT total sale is for 21/22 delivery, with the remainder to be delivered in 22/23. Trade estimates going into the delayed Export Sales report seek USDA to confirm between 100k and 400k MT of old crop beans were sold during the week of 5/26. New crop sales are estimated between 100k and 600k MT. The pre-report survey also showed analysts expect to see between 100k and 320k MT of soymeal sales. BO bookings are estimated to be below 40k MT with less than 10k MT 22/23 specifically. 

The official April soy crush was 180.87 mbu according to USDA’s Fats and Oils report. That was down from 192.85 mbu in March, but matched the trade estimate as the 2nd most ever for the month. Soy crush for the season totaled 1.492 bbu through April, which is 67.4% of USDA’s full year forecast with 2/3 of the months gone. Soybean oil stocks were reported as 2.424b lbs, compared to the trade expectation of 2.316. Oil stocks were still down 9.5m lbs mo/mo and the tightest since November. 

China is set to release 500k MT of soybeans from strategic reserves in an auction set for 6/10. 

Jul 22 Soybeans  closed at $17.29 1/4, up 39 cents,

Nearby Cash   was $16.92 1/1, up 34 cents,

Aug 22 Soybeans  closed at $16.58 3/4, up 33 3/4 cents,

Nov 22 Soybeans  closed at $15.41 3/4, up 26 1/2 cents,

New Crop Cash   was $14.88, up 26 3/4 cents,