Double Digit Recovery in Beans

Soybean futures ended the Thursday session with 38 3/4 to 43 cent gains. That was not enough to offset the Tuesday drop.  November soybeans are still down 29 3/4 cents from the Friday close. Soymeal futures closed the day $7.40 to $9.80/ton higher. BO futures rebounded with +5% gains of as much as 306 points. 

Census data had the May soy exports at 88.7 mbu. That was the slowest month since September’s 79.65 mbu, but was still a 3-yr high for May. Through May, Census has 1.871 bbu of soybean exports – or 83% of USDA’s June WASDE forecasted total. In the products, Census reported 1.036 MMT of soymeal was shipped in May, that was the second most for the month on record, but was down 4% from April. BO exports were 33,516 MT – down 56% mo/mo but up 3.7% from May ’21. 

The 4th of July delayed Export Sales report is expected to show +/- 300k MT of old crop soybean sales from the week that ended 6/30. New crop bean sales are estimated between 100k and 300k MT. Analysts expect USDA to report between 100k and 250k MT of meal was sold during the same week, with BO bookings to come in at less than 20k MT.  

The Ukrainian Grain Association sees Ukraine harvesting 2.2 MMT of soybeans, with 1.8 MMT for exports. They had sunflower processing forecasted at 7 MMT for the 22/23 season, down from 10 MMT last year. 

Anec estimated Brazilian corn shipments as 43 MMT for the 21/22 season. USDA’s June WASDE was expecting a full year total of 44.5 MMT. 

Jul 22 Soybeans  closed at $15.91 1/4, up 11 cents,

Nearby Cash  was $15.17 1/4, up 39 1/4 cents,

Aug 22 Soybeans  closed at $14.85 1/4, up 38 3/4 cents,

Nov 22 Soybeans  closed at $13.65 1/2, up 42 3/4 cents,

New Crop Cash  was $13.16 1/2, up 42 3/4 cents,