Soybeans are trading with early Thursday AM losses of 5 to 6 cents as bulls took a breather for the overnight session. Bulls pushed back into the close on Wednesday, with contracts up 10 to 12 cents at the close. November filled the gap from the post-July 4th weekend. Prelininary open interest was down 4,13 contracts. The cmdtyView national average Cash Bean price was up 10 1/4 cents at $9.82. Soymeal futures were $3 to $5.70/ton higher to close the day, with Soy Oil futures up 5 to 31 points. There were another 131 deliveries for August soybean meal overnight, with 2 for bean oil. August futures expire today across the complex.
The next week is looking at 1 to 3 inches shifting mostly over MN, and WI according to NOAA’s 7-day forecast, with parts of the Dakotas and MI seeing some lighter precip.
Export Sales data will be released shortly and is expected to show 200,000 to 700,000 MT in old crop soybean sales during the week of August 7. New crop business is expected to total 400,000 to 900,000 MT. Meal bookings are estimated in a range of 150,000 to 500,000 MT, with bean oil seen between 0 and 22,000 MT.
CONAB data was released this morning, with the soybean crop coming in 0.16 MMT higher mo/mo to 169.65 MMT.
Aug 25 Soybeans closed at $10.23 1/2, up 11 3/4 cents, currently down 5 1/2 cents
Nearby Cash was $9.82, up 10 1/4 cents,
Sep 25 Soybeans closed at $10.24, up 11 1/4 cents, currently down 6 cents
Nov 25 Soybeans closed at $10.44 1/4, up 11 1/2 cents, currently down 6 cents
New Crop Cash was $9.74, up 10 1/2 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. This article was originally published on Barchart.com
