Soybeans are trying to put on some stronger trade action heading into the weekend, as contracts are up 5 to 9 points. Soymeal futures are up $6.00/ton, with Soy Oil futures up 14 points in the front month. July options expire today, with a possible pin around $11.60.
Export Sales data was delayed until this morning due to the midweek holiday. The FAS report showed an expected uptick in bean bookings for the week that ended on June 13, to a 15-week high of 556,453 MT. That was in the middle of the trade estimated 375,000-850,000 MT. China purchased 213,700 MT, which were announced through the daily system last week, with Egypt buying 157,500 MT. New crop sales were at an 8-week high of 83,975 MT, in the middle of the estimated range of 0-200,000 MT. China still has a 0 on the books for new crop, as neighbor Pakistan purchased 66,000 MT in that week.
Soymeal bookings were tallied at 178,814 MT for the 2023/24 marketing year, with 32,752 MT for 24/25. Bean oil sales were 20,862 MT for the current marketing year, the largest since the last week of February.
Jul 24 Soybeans are at $11.63 1/2, up 8 1/4 cents,
Nearby Cash is at $11.08 1/4, up 5 1/4 cents,
Aug 24 Soybeans are at $11.48, up 8 1/4 cents,
Nov 24 Soybeans are at $11.22, up 5 1/4 cents,
New Crop Cash is at $10.66 3/4, up 4 1/4 cents,
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