Soybean prices are 5 to 10 cents higher this morning after a steep sell off to start the week. They closed out the Wednesday session with contracts down 13 to 20 ¼ cents on the day. Soymeal saw losses of 90 cents to $6.10/ton to add to the product pressure. Soy Oil extended the week’s slide during the session, as contracts were down 60 to 115 points.
There have still been no deliveries against July soy meal. We got the first 20 contracts put out against July beans, all by ADM. Bunge was the listed stopper for 18 of those.
A private export sale of 132,000 MT of new crop soybeans was reported to China by the USDA yesterday morning. That is the first set of sales to China for the 2024/25 marketing year so far this year.
Ahead of the weekly Export Sales update this morning, traders are expecting to see 200,000 to 600,000 MT of 2023/24 soybeans sold in the week ending July 4th. For new crop, the trade estimates 50,000 to 300,000 MT. Bean meal sales are seen in a range of 200,000 to 600,000 MT for combined crop year sales. Bean oil estimates are running 4,000 to 20,000 MT.
South American production estimates per Bloomberg’s survey call for Argentina to be left unchanged at 50 MMT ahead of the monthly USDA report. Brazil is expected to see a 1.3 MMT cut to 151.7 MMT.
Jul 24 Soybeans closed at $11.41 1/4, down 20 1/4 cents, currently unch
Nearby Cash was $10.80 1/2, down 13 1/2 cents,
Aug 24 Soybeans closed at $11.13 1/4, down 18 cents, currently up 9 1/4 cents
Nov 24 Soybeans closed at $10.67, down 13 cents, currently up 6 cents
New Crop Cash was $10.13 1/4, down 11 1/4 cents,
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