Meal Fades on Thursday

Soybeans are higher this morning despite meal taking a back seat into the day session. August soy futures rallied 3% in the beans, 3.5% in the meal and 1.26% in the oil on Wednesday. That comes as deliveries near and options are off the board. The other front month contracts also rallied on Wednesday, though the beans were limited to 1.9% by the close. The other meal futures ended 2.1% to 2.5% higher, and soy oil prices went home 1.8 to 2% in the black. 

Going into the weekly Export Sales report the trade is looking for old crop bean sales to be reported between 200k MT of cancelations and 300k MT of net new sales. For new crop business the trade is looking for between 100k and 500k MT from the week that ended 7/21. 

For the products, 21/22 meal bookings are estimated between 50,000 and 300,00 MT from the week that ended 7/21. NMY sales are expected to be below 150k MT. Soy oil bookings are expected to be under 20k MT for 21/22 delivery with up to another 10k MT for 22/23. 

Despite Covid induced travel restrictions and safety protocols, Indonesia’s President Joko Widodo (Jokowi) met with China’s President Xi Jinping in China discussing ag trade. Palm oil prices got up off the floor, perhaps anticipating a sale. 

Aug 22 Soybeans  closed at $15.78 3/4, up 46 cents, currently up 4 1/4 cents

Nearby Cash  was $15.71 on Wednesday, up 38 1/2 cents,

Sep 22 Soybeans  closed at $14.24 1/2, up 24 3/4 cents, currently up 11 cents

Nov 22 Soybeans  closed at $14.10, up 26 1/4 cents, currently up 10 cents

New Crop Cash  was $13.54 3/8 on Wednesday, up 24 7/8 cents,