Soybeans are trading with 6 to 7 cent losses on the front months on Friday morning. Futures closed out the Thursday session with contracts slipping off the intraday highs. Futures were down ¾ cent in the Sep contract, with other contracts steady to fractionally higher. Soymeal futures were $1.80 to $4.00 per ton higher on the day. Soy Oil is fell 24 to 54 points on the day.
Soybean export sales came in at 221,715 MT in Thursday’s Export Sales report for the 2023/24 crop. Sales for the 2024/25 marketing year were at 1.344 MMT for the week that ended in August 8, a MY high. China purchased 536,000 MT, with unknown destinations in for 483,000 MT. Meal bookings were at 113,686 MT for the current, with 140,096 MT sold for the next marketing year. Bean oil saw just 737 MT in sales.
NOPA data released yesterday morning showed July crush at 182.88 million bushels among its members, slightly above estimates. That was a 5.5% increase over the same month in 2023 and 4.15% larger than in June. Soybean oil stocks were tallied at 1.499 billion pounds as of July 31, a drop of 1.83% from a year ago and a draw of 7.59% from the end of June.
World soybean production was raised by 4 MMT via the International Grains Council’s latest estimate to 419 MMT. Consumption was up 2 MMT, as stocks were raised by 3 MMT to 82 MMT.
Sep 24 Soybeans closed at $9.51 1/2, down 3/4 cent, currently down 7 cents
Nearby Cash was $9.32 1/2, down 3 3/4 cents,
Nov 24 Soybeans closed at $9.68 1/2, unch, currently down 6 1/2 cents
Mar 25 Soybeans closed at $10.02 3/4, up 3/4 cent, currently down 6 cents
New Crop Cash was $9.12 3/4, down 1/4 cent,
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