Thursday was good for soybean bulls, with futures settling 15 ¾ to 22 ¾ higher. Soymeal settled $2.60 to $3.30 per ton higher. Soy Oil futures overcame recent weakness and were up 119 to 122 points on potential interruptions and/or higher costs for Brazilian offerings.
USDA confirmed old crop soybean export sales were on the low end of expectations at 189,600 MT. Sales for 2024/25 continued to be sluggish at 73,800 MT, with one vessel to “unknown destinations” but still no overt Chinese purchases.
Weekly soybean meal export sales totaled 250,200 MT for current year shipment (within trade estimates) and 4,100 MT for 2024/25. Soy oil bookings for the week showed a net gain of 6,000 MT to Jamaica, Canada and Mexico.
Official Census exports for April were 1.77 MMT for soybeans, down 29.6% vs. April 2023 and down about 42% from March. Meal and oil shipments also declined vs. March, but the former were up 11.8% vs. March 2023. Soy oil shipments were only 22 million lbs. vs. 99 million in March.
Brazil confirmed monthly soybean exports in May totaled 13.452 MMT, down from 15.584 MMT a year earlier. ANEC had estimated 13.21 MMT back in May. The current ANEC estimate for June is 12.08 MMT, down from 13.84 MMT last year.
Some traders cited a Brazilian executive order restricting use of some tax credits in export operations as a bull factor for corn and beans today. While the order must be approved by the Brazilian Congress within 4 months to remain in effect, exporters pulled some export sale offers while they evaluated the impact.
Jul 24 Soybeans closed at $12.00, up 22 3/4 cents,
Nearby Cash was $11.42 1/8, up 22 1/4 cents,
Aug 24 Soybeans closed at $11.93 1/2, up 19 1/4 cents,
Nov 24 Soybeans closed at $11.67, up 16 1/2 cents,
New Crop Cash was $11.10 1/1, up 15 3/4 cents,
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