After a short recovery this morning, soybean futures down 3 to 4 cents in the nearbys at midday. Soymeal is holding up in the August contract, with a $1.40/ton gain. Soy Oil is back up 73 points in the August contract at midday. 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.
Soybean export bookings totaled 207,952 MT for old crop during the week that ended on July 4th, on the low end of the 200,000 to 600,000 MT and a 4-week low. The Netherlands bought 109,900 MT. For new crop, bookings were tallied at 191,255 MT in the middle of the 50,000 to 300,000 MT estimates and the second largest on the marketing year. Mexico purchased 95,300 MT, with 78,500 MT sold to unknown and 10,000 MT to China.
Bean meal sales fell well shy of the trade range of estimates, with just 53,118 MT for the 23/24 crop and a MY low, with 22,700 MT for 2024/25. Bean oil sales totaled 9,695 MT for 2023/24, with 3,500 MT 2024/25.
Brazil’s soybean production estimate was trimmed slightly by 0.02 MMT to 147.33 MMT in this morning’s CONAB release. USDA is expected to see a 1.3 MMT cut to 151.7 MMT according to traders ahead of tomorrow’s WASDE release.
Jul 24 Soybeans are at $11.45, up 3 3/4 cents,
Nearby Cash is at $10.77 3/8, down 3 cents,
Aug 24 Soybeans are at $11.10 1/4, down 3 cents,
Nov 24 Soybeans are at $10.63 3/4, down 3 1/4 cents,
New Crop Cash is at $10.09 3/8, down 3 3/4 cents,
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