Soybeans Hovering Near Lows, Despite Record May NOPA Crush

Soybeans continue to leak lower at midday, as contracts are trading with losses of 17 to 20 cents on Monday to start the week off with weakness.  Soymeal futures are down $7.90/ton at midday to pile on the pressure.  Soy Oil futures are showing some strength, with a gain of 5 points in the July contract in response to some more positive NOPA data.

Monday morning’s NOPA report tallied May crush at 183.63 mbu among its members. That was a record for the month, more than 5 mbu above the average trade guess, and an 8.37% increase from the April dip. Soybean oil stocks came in at 1.723 billion lbs, well below trade estimates and the 1.832 billion lbs from April, and a 7.91% decline from last year.

Weekly Export Inspections data indicated 42.8% week/week increase in shipments to 334,237 MT (12.3 mbu) during the week ending on June 13. That was also 86% above the same week last year, as Inspections were running the second best for this week in the last 5 years. Shipments were fairly spread out, with 84,609 MT to Indonesia, 58,299 MT headed to Germany, and 52,522 MT on a vessel to Egypt.  Total export shipments YTD according to the FGIS data are 40.88 MMT (1.501 bbu), which is still down 16.6% from the previous MY. 

Jul 24 Soybeans  are at $11.60 1/4, down 19 1/2 cents,

Nearby Cash  is at $11.05 3/4, down 19 1/4 cents,

Aug 24 Soybeans  are at $11.48 3/4, down 19 1/2 cents,

Nov 24 Soybeans  are at $11.32, down 17 3/4 cents,

New Crop Cash  is at $10.76 3/4, down 17 1/2 cents,

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