Soy Trading Starts August Down

August’s soy trade ended the first day with sharp losses across the complex. Beans faired the worse with 2.6% to 4.3% losses at the bell. November was 11 cents off its low by the close, but still down by 62 1/2 cents. Soymeal futures closed 1.7% to 4% in the red, as October fell $18.50/ton. BO prices ended with 3.45% to 3.66% losses on the day. 

China’s Dalian Grains Exchange approved the commencement of soybean options to begin trading August 8th. The exchange will also offer a soybean oil futures contract on 8/8. 

NASS reported 79% of the soybean crop was blooming as of 7/31. That is just 1% point behind the average and up from 64% nationally last week. 44% of the crop was setting pods according to the report, which is up from 26% last week and down 7% points from the average pace. Bean conditions were converted to a 357 on the Brugelr500 Index, up 2 points wk/wk. IL, KY, MS, and TN were the most improved. 

The June soy crush was confirmed as 174.06 mbu. That was on par with the trade’s guess at just 540k bushels light. May’s crush was 180.887 mbu and June ’21 was 161.73 mbu. BO stocks at the end of the month were 1.912b lbs according to the monthly USDA report. 

USDA’s weekly Export Inspections report showed 552,083 MT of soybeans were exported during the week that ended 7/28. That was up from 392k MT last week and was 3x the same week from last year. The MYTD accumulated export reached 53.56 MMT as of 7/28. That is down from the 58 MMT shipped during the same period in last season’s record campaign. 

Strategie Grains reduced their expected sunflower seed crop for the EU by 520k MT to 10.35 MMT citing the drought. Beans were also reduced 200k MT to 2.98 MMT, though that is still up 2.9% yr/yr. Europe’s main oilseed was upped by 140k MT to 18.47 MMT – now 8.8% above last year's rapeseed output. 

Aug 22 Soybeans  closed at $15.94 1/4, down 42 3/4 cents,

Nearby Cash   was $14.55 1/8, down 157 1/4 cents,

Sep 22 Soybeans  closed at $14.32, down 55 1/4 cents,

Nov 22 Soybeans  closed at $14.06, down 62 1/2 cents,

New Crop Cash   was $13.51 1/2, down 64 cents,