Soybeans are trading mixed on this Monday morning, with the old crop holding higher. They were well supported on Friday, as most 2024 and 2025 contracts were steady to 7 ¼ cents higher. The higher day couldn’t ease the week’s bleeding, which saw July lose 19 ¼ cents. July options expired on Friday, with a close of $11.60 ½ making calls with that strike price convert to long futures, and July 1160 puts expire worthless. Preliminary open interest dropped 36,703 contracts for July beans, and dropped 24, 041 across all months. Soymeal futures were up 30 cents to $4.20/ton across the front months. Soy Oil futures were mixed with contracts anywhere from 1 point higher to 6 points lower.
Export Sales data was delayed due to the midweek holiday, but showed an expected uptick in bean bookings for the week that ended on June 13. Sales were 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 export bookings were 178,814 MT for the 2023/24 marketing year, with 32,752 MT sold that week 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 closed at $11.60 1/2, up 5 1/4 cents, currently up 1 1/2 cents
Nearby Cash was $11.05 3/8, up 2 1/2 cents,
Aug 24 Soybeans closed at $11.47, up 7 1/4 cents, currently up 3/4 cents
Nov 24 Soybeans closed at $11.20, up 3 1/4 cents, currently down 2 1/4 cents
New Crop Cash was $10.64 1/8, up 2 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
