Soybeans busted out another day of double digit gains, with contracts up 20 ¾ to 32 ½ cents across the board. Meal was weaker on the day, with contracts down $2.50 to $7.70. Bean oil was the shiny spot of the product values, with 293 to 466 point gains.
Futures are firmer on the outlook for higher chances of warmer and drier than normal weather through for much of the Corn Belt through the first week and a half of August.
Weekly Export Sales data showed net reductions of 58,600 MT of old crop soybeans sales during the week of 7/21. For new crop, USDA reported 748.8k MT was sold – mostly by China’s 538k MT in purchases. Old crop shipments were 395k MT with Mexico as the top destination.
For the products, USDA reported 28k MT of old crop meal and 4,600 MT of soy oil was sold during the week of 7/21. The trade was looking for at least 50k and 0k MT respectively. USDA also reported 20k MT of soymeal was sold for 22/23 delivery.
Aug 22 Soybeans closed at $16.09 1/4, up 30 1/2 cents,
Nearby Cash was $15.95 1/2, up 23 5/8 cents,
Sep 22 Soybeans closed at $14.57, up 32 1/2 cents,
Jan 23 Soybeans closed at $14.47 1/2, up 31 cents,
New Crop Cash was $13.90 3/8, up 31 1/8 cents,
