Soybean futures extended the closed on Thursday, despite a better than expected Export Sales report. September futures are now below $10 at midday, with 11 3/4 cent losses at $9.93 ½. The rest of the board was 7 to 11 cents lower. Pressure continued to come from the Soymeal, down $3.80/ton in the Sep contract. Soy Oil futures tried to be supportive, with September up 3 points.
This morning’s Export Sales report pegged 325,423 MT of 2023/24 soybean sales in the week that ended on August 1. That was still above the top end of the 300,000 MT estimate, as China purchased 134,500 MT. New crop sales totaled 985,206 MT, above the 400,000 to 900,000 MT trade range of estimates. China was the lead buyer of 400,000 MT, with another 245,200 MT sold to unknown.
Bean meal sales were at 102,343 MT for the current marketing year, with 256,532 MT sold for the next marketing year. Soybean oil bookings were a total of 10,884 MT for the 2023/24 marketing year, with net reductions of 8,223 MT for 2024/25.
The monthly WASDE report on Monday is expected to show soybean stocks for old crop soybeans with a 5 mbu increase to 350 mbu. New crop estimates are running 465 mbu on average, up 30 mbu, mainly on expected production increases. The range of estimates is still wide at 380 to 555 mbu.
Aug 24 Soybeans closed at $10.09 3/4, down 10 1/2 cents,
Nearby Cash was $9.80 7/8, down 11 3/4 cents,
Nov 24 Soybeans closed at $10.08 1/4, down 10 1/2 cents,
Jan 25 Soybeans closed at $10.25, down 9 3/4 cents,
New Crop Cash was $9.52 5/8, down 10 1/2 cents,
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