Soy Bouncing for Thursday

Beans were weaker overnight but are currently setting near their session highs with 5 1/2 to 10 3/4 cent gains. Soybean prices were again under pressure yesterday. At the close the board was 11 1/4 to 16 3/4 cents in the red. Net new selling was noted, with preliminary open interest rising 3,643 contracts on the negative price action. November beans tested their 7/25 chart gap, but it remains unfilled. Soymeal futures closed the Wednesday session with $2.80 to $7.50/ton losses. BO futures also closed off their highs and 12 to 51 points in the red.  There have still been zero delivery notices against August beans, but we did see 35 put out against August meal overnight. 

Trader estimates show folks expect between 100k MT of old crop soybean export sales were net canceled and 200k MT were net sold during the week that ended 7/28. For new crop bean bookings the trade is looking to see between 200k and 700k MT. Estimates for soymeal range 25k MT and 200k MT for 21/22 delivery and 0-150,000 MT for 22/23 delivery. Survey respondents expect to see fewer than 30k MT of soy oil was sold for either delivery period ahead of the report. 

Aug 22 Soybeans  closed at $15.58, down 11 1/4 cents, currently down 6 cents

Nearby Cash  was $14.20 5/8 on Wednesday, down 17 1/4 cents,

Sep 22 Soybeans  closed at $14.03 3/4, down 12 cents, currently up 10 cents

Nov 22 Soybeans  closed at $13.69 3/4, down 16 3/4 cents, currently up 5 3/4 cents

New Crop Cash  was $13.17 5/8 on Wednesday, down 16 cents,