Soybean futures have totally erased their gains from Thursday, trading 14 ¾ to 20 cents lower as we head toward lunch time in the central US. Preliminary open interest data shows short covering in nearby July on Thursday, but net new buying of similar quantities in November. Soymeal futures are down $5.20 to $7.30 at midsession. Soy Oil futures have shed about 1/3 of their Thursday gains on profit taking ahead of the weekend, down 53 to 55 points.
USDA reported a sale of 104,000 MT of soybeans to China under the daily reporting system this morning, all for old crop 2023/24 shipment.
China Customs reported that May soybean imports totaled 10.22 MMT, down 15% vs. May 2023. Most of those came from Brazil, which was hampered by flooding Rio Grande do Sul. Calendar YTD imports total 37.37 MMT, down 5.4% year/year.
Jul 24 Soybeans are at $11.79 1/4, down 20 3/4 cents,
Nearby Cash is at $11.22 7/8, down 20 3/8 cents,
Aug 24 Soybeans are at $11.75 1/2, down 18 cents,
Nov 24 Soybeans are at $11.54 1/2, down 12 1/2 cents,
New Crop Cash is at $10.98 1/1, down 12 1/8 cents,
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