Soybeans are down 3 to up 7 cents around midday on Wednesday, with old crop bids well supported but new crop under some pressure. Soybeans had closed higher on Tuesday. by 1 ¼ to 12 1/2 cents. CME Final numbers indicated that soybean open interest rose 2,797 contracts to reach a one month high. August action was short covering, with options expiration fast approaching. September and November suggested net new buying interest. Soymeal futures are mixed today, with nearby months up $1.70/ton or so while the 2025 versions are $1 or more lower. Soy Oil futures are 24 to 68 lower, with August an outlier at -24 points.
ABIOVE, the Brazilian crusher association, put it’s Brazilian bean crop estimate at 153.2 MMT, actually slightly above USDA. CONAB is still down at 147.34 MMT, so there is some disagreement within Brazil about crop size!
Trade ideas for US weekly export sales last week (through July 11) are running 200,000 to 400,000 MT.
Aug 24 Soybeans are at $10.96, up 5 1/2 cents,
Nearby Cash is at $10.67 1/4, up 7 cents,
Sep 24 Soybeans are at $10.36 1/4, down 1 1/2 cents,
Jan 25 Soybeans are at $10.55 1/4, down 3 1/2 cents,
New Crop Cash is at $9.88 1/4, down 2 1/4 cents,
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