BO Rallies to Meal and Bean Pullback

Soybean prices bled another 7 3/4 to 10 cents lower on Wednesday. Soymeal closed with $9.10 to $9.40 losses past the Sep contract. Soy oil, however, rallied triple digits on the day, closing with Sep at the highest mark since mid-June. October BO was still a 3.84 c/lb discount at the close. Cash price data tracked by Barchart shows the USDA average cash BO price was 74.57 cents per pound. 

USDA announced the regular weekly Export Sales data will be unavailable until Sep 15th, and will revert back to the legacy reporting system until the new system is sufficient. 

Private analyst Cordonnier sees the ‘22 U.S. soybean yield as 50.4 bpa, which is steady with their prior estimate but 1.5 bpa below the current USDA number. 

Trader estimates going into the monthly Fats and Oils report expect 180.5 mbu of beans were crushed in July on average. June’s soy crush was 174.1 and July ’21 was 166.3 mbu. Soy oil stocks are expected to be 2.221b lbs in the report slated for Thursday. 

Sep 22 Soybeans  closed at $15.07 1/2, down 5 1/2 cents,

Nearby Cash   was $14.54 5/8, down 9 cents,

Nov 22 Soybeans  closed at $14.22 1/2, down 10 cents,

Jan 23 Soybeans  closed at $14.27 3/4, down 9 3/4 cents,

New Crop Cash   was $13.72 3/4, down 10 1/4 cents,