Soybeans were steady to a penny higher across the front month on Thursday, shrugging off the midday weakness. The cmdtyView national average Cash Bean price was down 1/4 cent at $9.73 1/4. Soymeal futures were down 20 cent to$1.40 on Thursday, with September falling $6.80 as we enter first notice day on Friday. Soy Oil futures were 56 to 77 points lower.
Export Sales data tallied 189,184 MT in old crop net reductions in the week ending on August 21 on the lower side of estimate calling for net reductions of 200,000 MT to sales of 50,000 MT. Many of the reported sales were switched from a previous unknown destination. New crop sales were tallied at a MY high and exceeded the trade ideas of between 0.45 and 1 MMT at 1.373 MMT. That was 20.1% above last week. Unknown destinations was the largest buyer of 690,000 MT, with 315,800 MT sold to Mexican buyers.
Soybean meal sales were tallied at 262,047 MT combined between the marketing years, between estimates of 125,000 MT and 450,000 MT, as 47,277 MT was for the current MY and 214,770 MT for the next year. Soybean oil sales were at 18,485 MT, exceeding trade ideas of 0 to 14,000 MT.
Monthly crush data will be released next Tuesday with the Monday holiday, as analysts are looking for 207.1 mbu of soybeans crushed during July, with a 204.8 to 212 mbu range of estimates. Bean oil stocks are seen at 1.895 billion lbs.
Statistics Canada estimates the country’s soybean crop at 7.016 MMT, which is down 7.3% from last year. Canola production is pegged at 19.94 MMT, a 3.6% increase from last year. Estimates were running 20.3 MMT.
Sep 25 Soybeans closed at $10.28 1/4, up 1 cent,
Nearby Cash was $9.73 1/4, down 1/4 cent,
Nov 25 Soybeans closed at $10.48, up 1/2 cent,
Jan 26 Soybeans closed at $10.66 3/4, unch,
New Crop Cash was $9.68, up 1/4 cent,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
