Soybeans are posting strength on Friday, as contracts are up 7 to 8 cents in the nearby. Soymeal futures are down 50 cents/ton in the nearby Sep contract. Soy Oil are showing some strength and up 96 points at midday.
USDA reported another private export sale of 120,000 MT of 2024/25 soybeans to unknown destinations this morning. That takes the weekly total of flash sales to all destinations to 1.384 MMT for the week.
Export Sales data showed 45.895 MMT of 2023/24 soybean export commitments as of August 15. That is down 14% from a year ago and is 99% of USDA’s export projection, compared to the 104% average. New crop sales, outside of this week’s sales are now at 7.54 MMT, which is above the 19/20 trade war period but still low compared to other years for this week.
ProFarmer’s annual crop tour showed soybean pod counts (3x3 foot square) at 1,036.59 in Minnesota, above the 985 pod count from last year and the 3-year average of 1,037. Iowa pod counts were 1,312.31 bpa, which was up from 1,190.41 last year and the 1,194.21 3-year average.
Sep 24 Soybeans are at $9.48 1/2, up 7 1/4 cents,
Nearby Cash is at $9.26 3/4, up 7 1/4 cents,
Nov 24 Soybeans are at $9.69 1/2, up 8 cents,
Mar 25 Soybeans are at $10.03, up 7 3/4 cents,
New Crop Cash is at $9.12 7/8, up 7 1/2 cents,
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