Soybean futures posted 19 to 21 ¼ cent gains in most contracts on Thursday, with September up 11 ¼. Meal was up $6.90/ton on the day, with bean oil 192 points higher in September.
A Bloomberg survey puts the trade average guess for US soybean yield at 51.0 bpa, down 0.5 bpa from July. The average estimate for new crop ending stocks is 224 million bushels.
USDA reported a total of 103,400 MT of soybean meal sold to Mexico via their daily reporting system this morning.
Export Sales data, released this morning, indicated a total of 66,710 MT in net reductions of old crop soybean sales. That is the 6 time in the last 7 weeks a net reduction has been reported, as Unknown had 569,200 MT in reductions (switched to a destination) and China cancelled 66,400 MT. In the week ending on August 4th, new crop sales totaled 477,241 MT, in the range of estimates and up 16.2% vs. last week. Meal sales were tallied at 402,061 MT in combined sales, with most of that for 22/23 delivery. Bean oil bookings were just 642 MT.
CONAB left their estimate for Brazil’s soybean crop at 124.05 MMT in their monthly update released this morning.
Aug 22 Soybeans closed at $17.09 1/2, up 20 3/4 cents,
Nearby Cash was $14.94 1/4, up 18 1/4 cents,
Sep 22 Soybeans closed at $15.20 1/4, up 11 1/4 cents,
Nov 22 Soybeans closed at $14.48 1/2, up 20 3/4 cents,
New Crop Cash was $13.96 3/8, up 21 1/8 cents,
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