Soy Markets Dropping through Midday

So far through Thursday the July soybean contract is down 60 cents to $15.93. Options expire tomorrow at the close, with many strikes still in play off the large price swings. New crop soybeans are also down 3.7% to 4% on the broad ag selling. Meal and BO futures are down $3-$10/ton and 330-370 points respectively. 

Argentinian truck drivers went on strike yesterday by blocking 4 miles of a main grain highway. The protest was inspired by high diesel prices and fuel shortages throughout the country. Other citizens joined the effort, but reports are that the protest has disbanded and transport is flowing again. Earlier in June, Argentina upped the required biodiesel blend rate for a 60 day period hoping to alleviate some of the fuel shortage. 

Chinese soybean import data from country of origin showed that 7.8 MMT of their May imports came from Brazil with 1.73 MMT from the U.S. That compares to 9.2 MMT and 244k MT last year respectively. Of the first 5 months of 2021, China has brought in 20.5 MMT of soybeans from Brazil and 16.77 MMT from the U.S. Last year, it was 15.6 and 21.5 MMT respectively. 

Jul 22 Soybeans  are at $15.93 1/4, down 59 1/2 cents,

Nearby Cash  is at $15.39, down 59 3/8 cents,

Aug 22 Soybeans  are at $15.05, down 59 cents,

Nov 22 Soybeans  are at $14.14 1/2, down 62 cents,

New Crop Cash  is at $13.65 3/4, down 60 7/8 cents,