Soybeans are down fractionally to 3 ½ cents across the front months so far on Thursday. Soymeal futures are back up $3.30-3.50/ton at midday, with Soy Oil futures back down 9 to 14 points so far.
A private export sale of 120,000 MT of new crop soybeans was reported by the USDA this morning to unknown destinations. Via the weekly data, FAS showed soybean export sales during the week that ended on June 30 at 282,868 MT, below the 300,000 and 600,000 MT estimates and a 3-week low. New crop bookings were nearly in the middle of the expected 0 to 200,000 MT range at 101,780 MT, as China has yet to purchase any new crop.
Soy meal sales came in a 219,307 MT for the 2023/24 marketing year, with the 2024/25 sales at 24,370 MT, as combined sales were a 3-week high and in the middle of the estimated range from 150,000 to 300,000 MT. Bean oil fell short of estimates, as USDA tallied net reductions of 10,590 MT, with Mexico cancelling 11,400 MT.
Stats Canada pegged 2024 Canadian canola plantings at 22 million acres this morning, which was up 600,000 from earlier intentions and down just 0.3% from last year. Actual soybean acres are seen at 5.74 million acres, a 2% increase from last year.
Jul 24 Soybeans are at $11.59 1/4, down 3 1/2 cents,
Nearby Cash is at $11.04 3/8, down 2 3/4 cents,
Aug 24 Soybeans are at $11.39, down 3 1/4 cents,
Nov 24 Soybeans are at $11.06 1/4, down 3/4 cent,
New Crop Cash is at $10.53, down 3/4 cent,
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