Soybeans are posting 3 to 7 cent higher trade on Friday morning. They came out of the Juneteenth holiday in bear mode, with contracts down 4 to 18 ¾ cents at the Thursday close. Soymeal futures were steady in some of the back months to $7/ton lower for July. Soy Oil futures were down 11 to 31 points in the red. July options expire on Friday. Heavy open interest for the calls is around the 1260 strike at 14,153 contracts, and the 1180 strike for the puts at 10,044 contacts.
Export Sales data is delayed until this morning because of the midweek holiday. The FAS report is expected to show an uptick in bean bookings for the week that ended on June 13, with public estimates from at 375,000-850,000 MT. That includes the 330,000 MT in previously announced sales during that week. New crop sales are estimated in a range of 0-200,000 MT. Soymeal bookings are seen at 150,000-450,000 MT, with bean oil at 0-25,000 MT.
Chinese soybean imports during May totaled 10.2 MMT, with 8.8 MMT coming in from Brazil and just 1.27 MMT from the US. For calendar year 2024, China has imported 24.7 MMT from Brazil (up 4.6 MMT vs. LY) and 10.9 MMT from the US (down 5.6 MMT vs. 2023).
Jul 24 Soybeans closed at $11.55 1/4, down 18 3/4 cents, currently up 7 cents
Nearby Cash was $11.03 1/1, down 16 3/4 cents,
Aug 24 Soybeans closed at $11.39 3/4, down 16 1/4 cents, currently up 6 cents
Nov 24 Soybeans closed at $11.16 3/4, down 15 1/4 cents, currently up 3 cents
New Crop Cash was $10.61 1/2, down 15 cents,
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