Soybeans are up 7 to 8 cents across most nearby contracts at midday on Thursday. Futures are extending gains from the Wednesday rally, when contracts were up 18 to 19 cents at the close. Preliminary open interest showed new buying interest, up 8,888 contracts. The cmdtyView national average new crop Cash Bean price is up 5 ¼ cents today at $9.785. Soymeal futures are drifting $1.30/ton lower today, while Soy Oil is sharply higher. BO futures are up 1.45 to 1.55 cents per pound on firm energy prices and decent export sales.
Analysts expected to see between 200,000 and 600,000 MT of 2024/25 soybean business in the week ending on July 10. New crop export sales were seen at 400,000-900,000 MT. Meal export sales were expected to total between 200,000 MT and 700,000 for the two marketings years, with Bean oil business 0 to 23,000 MT.
This morning, USDA indicated that old crop bean sales totaled 271,900 MT for the week ending July 10, with net sales of 529,600 MT for 2025/26 marketing year delivery. Both were thus within trade expectations. Combined old and new crop soy meal bookings totaled 530,500 MT. Soy oil export sales were a market neutral 7,900 MT, but well above the 4 week moving average. Venezuela and Mexico were the primary destinations.
Aug 25 Soybeans are at $10.21, up 7 1/2 cents,
Nearby Cash is at $9.83, up 7 1/2 cents,
Sep 25 Soybeans are at $10.12 1/2, up 6 3/4 cents,
Jan 26 Soybeans are at $10.44 1/2, up 7 1/2 cents,
New Crop Cash is at $9.79, up 6 3/4 cents,
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.
