Soybeans posted 4 to 6 cent losses across most contracts on Friday, as July was up 42 cents on the month. Soymeal saw mixed action with July up $1.10/ton and August down 60 ents. Soy Oil was down 20 points across the nearbys.
Export Sales data showed bean bookings at 329,427 MT for the week of 5/23 on the higher side of estimates. That was a 17.9% jump on the week and more than double the same week last year. Most were sold to unknown destinations (147,800 MT), with 71,100 MT to China. New crop sales have yet to pick up, at just 6,921 MT for that week, with still 0 MT on the books for China. Meal sales were 265,544 MT for 23/24 sales in the week ending on May 23, with the next MY at 20,239 MT. Bean oil bookings were 10,249 MT, in the middle of trade estimates.
CFTC data showed managed money spec funds trimming another 12,208 contracts from their net short in soybean futures and options in the week ending on 5/28. That took them to a net short 14,218 contracts as of Tuesday, the smallest since the first week of the year. Commercials saw a 13,708 contract increase to their net short to -79,414 contracts.
Ahead of Monday’s Fats & Oils report, trade estimates expect to see 175.5 mbu of beans crushed during April. Stocks for the end of the month are projected at 2.229 billion lbs.
Jul 24 Soybeans closed at $12.05, down 4 3/4 cents,
Nearby Cash was $11.43 3/4, down 7 3/8 cents,
Aug 24 Soybeans closed at $12.03 1/2, down 4 1/2 cents,
Nov 24 Soybeans closed at $11.84 1/2, down 5 1/2 cents,
New Crop Cash was $11.29 5/8, down 5 7/8 cents,
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