Soybeans are showing losses of 6 to 8 cents in the nearby contracts on Friday, falling from early strength to kick off the session. Pressure is coming from the product values. Soymeal futures are down $2.40/ton, with Soy Oil futures down 52 points. There were just 3 deliveries issued against September soybeans, with the total for the contract at 471. The CBoT reported another 113 notice for September meal, with 94 for bean oil.
USDA reported a private export sale of 100,000 MT of soybeans for 2024/25 shipment to China vis their daily system this morning.
Nopa crush data will be released on Monday, with the trade expecting to see August crush at 171.325 million bushels
Soybean yield was left unchanged at 53.2 bpa on Thursday, with production trimmed by 3 million bushels to 4.586 bbu, likely on a rounding issue. As for US ending stocks, old crop was trimmed by 5 mbu to 340 mbu, on an increase to the crush total, with exports left unchanged. New crop ending stocks were down 10 mbu to 550 mbu on the slightly lower production and smaller carryover.
Thursday’s Export Sales Report showed new crop soybean export commitments at 14.244 MMT, which is the lowest start to the marketing year since 2019/20 and down 14% from a year ago. It is just 31% of the current USDA export projection, back of the 39% average sales pace.
Sep 24 Soybeans are at $9.91 1/2, up 11 3/4 cents,
Nearby Cash is at $9.42 3/8, down 6 1/4 cents,
Nov 24 Soybeans are at $10.04 1/2, down 6 1/4 cents,
Mar 25 Soybeans are at $10.36 1/2, down 7 1/2 cents,
New Crop Cash is at $9.42 3/8, down 6 1/4 cents,
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