Beans Firmer into the Day Session

Morning soy prices are in the black with beans up as much as 18 cents and BO mixed within 20 points of UNCH. Soy futures beyond the Sep contract gave back 21 to 25 3/4 cents today. Red November prices remain a near $2 discount to spot Nov near $12.38 3/4 per bushel. Nearby September was down 8 ¼ and held above $15.50. Soybean meal prices traded red with $9.70 to $15/ton losses in the front months. BO futures were firmer, closing mixed with Sep 32 cents higher and the other nearbys less than 10 points in the red. 

Prior to retracting the data, USDA’s FAS ran the Export Sales report in their new format this morning. The process resulted in poor data quality and physical dissemination. With revisions anticipated the raw numbers were reported as 503k MT of old crop soybean sales and 4.7 MMT for new crop. Accumulated shipments were MMT, and new crop soybean bookings were 21.74 MMT going into the upcoming season. 

Analysts expect the Canadian canola output will be 19.6 MMT on average in the StatsCan estimates. Last season’s drought impacted crop was 12.6 MMT. The trade average guess for Canadian soybean production is down 70k MT at 6.2 flat. 

Sep 22 Soybeans  closed at $15.52 1/2, down 8 1/4 cents, currently up 18 1/2 cents

Nearby Cash   was $14.64 5/8, down 27 5/8 cents,

Nov 22 Soybeans  closed at $14.31 1/4, down 25 3/4 cents, currently up 13 cents

Jan 23 Soybeans  closed at $14.36 1/4, down 25 1/2 cents, currently up 12 cents

New Crop Cash   was $13.79 3/8, down 25 1/2 cents,