Soybeans pulled off intraday weakness on Thursday, as most nearby contracts were nearly a dime off the lows to close with fractional to 2 ¾ cent gains. Soymeal futures rounded out the Thursday session with contracts steady to $1.90/ton lower. Soy Oil settled with the strength among the products, as contracts were up 15 to 34 points across most contracts.
USDA reported a rather large export sale of 510,000 MT of soybeans to unknown destinations for 2024/25 shipment in this morning’s flash sale announcement. There was also a sale of 150,000 MT of meal reported to unknown for 2024/25.
Export Sales data showed a total of 228,111 MT of soybeans sold for 2023/24 shipment in the week that ended on July 11. That was a 9.7% increase from the week prior and revised lower from the 360,111 MT originally reported on Thursday, as 132,000 MT was switched to new crop in a correction. Bookings for 2024/25 were a total of 507,025 MT over the course of that week, the largest this marketing year and above the top end of estimates. Of the total 191,000 MT was sold to unknown destinations and 140,500 MT for Mexico.
Meal sales totaled 209,292 MT for 2023/24, with 99,407 MT tallied for 2024/25. Bean oil bookings 3,276 MT for the current marketing year, with forward sales for the next marketing year at 14,900 MT.
Data from the International Grains Council released this morning indicated a relatively unchanged outlook from last month, with production left unchanged at 415 MMT, and stocks at 79 MMT.
Aug 24 Soybeans closed at $10.98 1/2, up 1 1/4 cents,
Nearby Cash was $10.72 1/2, up 2 cents,
Nov 24 Soybeans closed at $10.43, up 2 cents,
Jan 25 Soybeans closed at $10.58, up 2 cents,
New Crop Cash was $9.93 1/1, up 3 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
