Soybeans are trading with 6 to 14 cent gains on Friday, as contracts are getting a little short covering ahead of the weekend. Soymeal futures are up $4.70/ton so far on the session. Soy Oil futures are down 22 points in the September contract.
USDA reported another export sale of 202,000 MT of soybeans for 2024/25 shipment to China this morning. That follows the 132,000 MT sale from Thursday.
Monthly crush data via the Fats & Oils report showed 183.66 mbu of soybeans crushed in June. That was nearly 1 mbu below estimates and down 4.24% from May but still a 5.23% increase over a year ago. Bean oil stocks were down 2.9% from the end of May, but still above estimates at 2.12 billion lbs..
StoneX pegs the 2024/25 soybean crop out of Brazil 165.05 MMT, compared to their projection of 149.01 MMT for 2023/24. As for their US projection, they see the crop at 4.483 bbu, with an average yield at 52.6 bpa.
Aug 24 Soybeans are at $10.28 3/4, up 6 3/4 cents,
Nearby Cash is at $10.08 1/1, up 11 1/4 cents,
Nov 24 Soybeans are at $10.28 3/4, up 12 1/4 cents,
Jan 25 Soybeans are at $10.45 1/2, up 13 1/4 cents,
New Crop Cash is at $9.75 1/8, up 12 cents,
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