Soybeans had an up and down, and then back up again session on Thursday. Bulls fended off a midday barrage from the bears, with contracts closing steady to 3 ¾ cents higher. Soymeal ended Thursday with front months up 60 cents to $3.20/ton, as other contracts were down 90 cents to $1.90. Soy Oil closed out the day with a round of strength, as contracts were up 30 to 85 points.
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.
USDA will update us with the monthly WASDE report on Friday with old crop soybean stocks expected 7 mbu higher to 357 mbu. New crop is projected to be tighter on the lower acreage data, down 6 mbu to 449 mbu.
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 closed at $11.42 3/4, up 1 1/2 cents,
Nearby Cash was $10.84 1/4, up 3 3/4 cents,
Aug 24 Soybeans closed at $11.17, up 3 3/4 cents,
Nov 24 Soybeans closed at $10.67 3/4, up 3/4 cent,
New Crop Cash was $10.14 3/4, up 1/2 cent,
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