Soybeans are trading 7 to 9 cents lower in early Friday action. Beans put up some double digit gains on Thursday, buoyed by soybean meal. Overall, futures were up 6 to 14 ½ cents for the day. Soymeal futures were up $2.70 to $8.10, led by July. Soy Oil futures settled 7 to 8 points higher in the nearby contracts.
Thursday’s weekly Export Sales report showed a total of 377,098 MT of beans booked in the week that ended on June 6, a 5-week high. China is still in for some beans, with 109,100 MT reported in sales, and 56,600 MT headed to the Netherlands. New crop business continues to drag on things, with just 3,020 MT reported. China has purchased no known US beans for shipment after September 1.
Soybean meal sales were tallied at just 143,270 MT for the current marketing year, with 27,064 MT for the 24/25 MY. The combined sales were shy of the trade’s expected range of 175,000-500,000 MT. Bean oil sales were an impressive 14,626 MT for the current MY, with 3,200 MT for the next year.
Updated CONAB data showed a slight 0.33 MMT cut to projected bean production at 147.35 MMT this morning. That compares to the 153 MMT from USDA on Wednesday. Argentina’s BAGE projects bean production there will be 50.5 MMT, close to USDA’s 51 MMT. They indicate that harvest is about 96% complete, so the numbers are pretty solid.
Jul 24 Soybeans closed at $11.89 1/2, up 12 1/4 cents, currently down 8 cents
Nearby Cash was $11.33 3/8, up 12 3/4 cents,
Aug 24 Soybeans closed at $11.78 1/4, up 11 1/2 cents, currently down 7 ½ cents
Nov 24 Soybeans closed at $11.60 1/4, up 13 cents, currently down 8 ¼ cents
New Crop Cash was $11.04 1/1, up 13 cents,
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