Soybeans have pulled off of some of the early lows at midday, but are still showing losses of 5 to 7 cents across the front months on the session. Soymeal futures are up $2.40/ton in the July contract. Soy Oil futures are slipping lower, down 5 points.
Ahead of Monday’s NOPA crush report, traders are expecting to see 178.35 mbu of soybeans crushed among members during May. That would be up from the revised 169.4 mbu total in April and slightly above the 177.9 mbu from a year ago. A wide range of 171.35 to 187.6 mbu is expected. Soybean oil stocks are seen at 1.775 bbu for May 31, below the 1.832 billion lbs from the end of April.
Updated CONAB data showed a slight 0.33 MMT cut to projected bean production at 147.35 MMT from Thursday. 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 are at $11.83 3/4, down 5 3/4 cents,
Nearby Cash is at $11.28 5/8, down 5 3/4 cents,
Aug 24 Soybeans are at $11.73, down 5 1/4 cents,
Nov 24 Soybeans are at $11.53 3/4, down 6 1/2 cents,
New Crop Cash is at $10.97 1/2, down 6 1/2 cents,
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