Soybeans are back lower on Friday, after some strength in the overnight and early morning trade. Contracts are mostly 2 to 4 cents lower, with nearby August up ¼ cent. Soymeal futures are showing no change at midday. Soy Oil futures are still up 23 points at midday.
USDA reported another sale of 105,000 MT of meal to unknown destinations for 2024/25 this morning.
Weekly Export Sales brought the 2023/24 MY to 45.36 MMT, which is 98% of the UDSA projected export total. That is below the 103% average pace. Actual shipments according to FAS data are 41.64 MMT, or 90% of the forecast and 1% behind the average shipping pace. New crop sales have accumulated to 2.07 MMT, which is the lowest for the respective week in the marketing year in 20 years. This week’s large sale will help.
Safras & Mercado expected the Brazilian soybean crop to be 151.5 MMT this year, with a forward looking projection for the 2024/25 crop at 171.5 MMT.
Aug 24 Soybeans are at $10.98 3/4, up 1/4 cent,
Nearby Cash is at $10.73 3/8, down 2 cents,
Nov 24 Soybeans are at $10.40 3/4, down 2 1/4 cents,
Jan 25 Soybeans are at $10.55 3/4, down 2 1/4 cents,
New Crop Cash is at $9.91 3/8, down 2 1/4 cents,
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