Soybeans are 2 to 3 cents higher as we start the Tuesday session. They leaked lower for much of Monday, with contracts down 13 ¼ to 22 ¼ cents across the board. Soymeal futures were down $5.90 to $8.50/ton to pile on the pressure. Soy Oil futures found 1 to 5 point strength in the front months, helped by more positive NOPA oil stocks data.
The weekly NASS Crop Progress report indicated 93% of the US soybean crop was planted, 2% ahead of average, with 82% emerged and 3% faster than normal. They reported condition ratings down 2% to 70% gd/ex. The Brugler500 index, taking in all 5 ratings categories, was 3 points lower to 376.
NOPA May crush was 183.63 million bushels, ~ 5 million bushels stronger than the trade expected and a record for the month, Soybean oil stocks came in at 1.723 billion lbs, well below trade estimates and the recently revised 1.832 billion lbs from April. The BO stocks were down 7.91% from last year. The numbers imply stronger biofuel use as prices became more competitive with palm oil and used cooking oil.
Weekly Export Inspections indicated a 42.8% week/week increase in shipments to 334,237 MT (12.3 mbu) during the week ending June 13. That was also 86% above the same week last year, as Inspections were the second best for this week in the last 5 years. Shipments were 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 2023 to this date.
Jul 24 Soybeans closed at $11.57 3/4, down 22 cents, currently up 3 cents
Nearby Cash was $11.03 5/8, down 21 1/2 cents,
Aug 24 Soybeans closed at $11.46, down 22 1/4 cents, currently up 2 ¾ cents
Nov 24 Soybeans closed at $11.30 1/4, down 19 1/2 cents, currently up 2 cents
New Crop Cash was $10.74 1/4, down 19 cents,
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