Beans Fade into the Close

Soybeans couldn’t hold the slight midday gains on Thursday, as futures faded into the close. Contracts closed the day with losses of 5 to 13 cents. New crop November was down 8 ½ cents, with July expiring at $16.10. Soymeal futures tried to hold things up, with gains of $1.70. Bean oil was a drag on the market, down 41 to 95 points.  

Thursday’s Export Sales report showed bookings in the week that ended on July 7 at a MY low net cancellations of 362,885 MT for old crop. That was below last week’s net cancelations and below the trade estimates coming in. Much of that was switched from unknown, with China cancelling 130,759 MT. New crop sales were tallied at 113,944 MT, on the low end of expectations and a 9-week low. 

Soymeal export sales were below the trade estimate at 8,236 MT, with an additional 145,894 MT for 22/23. Soybean oil saw 1,011 MT of exports booked during the week, above last week’s met reduction.

Ahead of Friday’s NOPA report, traders are expecting to see NOPA members crushed 164.48 mbu of soybeans during June.  

Aug 22 Soybeans  closed at $14.71 3/4, down 13 cents,

Nearby Cash  was $15.11 1/2, down 12 1/2 cents,

Sep 22 Soybeans  closed at $13.59 3/4, down 10 1/2 cents,

Nov 22 Soybeans  closed at $13.41, down 8 1/2 cents,

New Crop Cash  was $12.93 1/2, down 9 1/4 cents,