Soybeans initially got a bounce out of the USDA reports, but failed to hold, as contracts closed mixed, with nearbys down ¾ to 3 cents. New crops was leading the way on a smaller acreage number, with fractional to 4 ½ cent gains. August was down 70 cents during June, with the weekly loss at 13 ½ cents. Soymeal futures were down 60 cents to $3.20/ton, with Soy Oil futures up 14 to 34 points. 

Soybean acres planted this spring were tallied at 86.1 million according to NASS survey driven data released this morning. That was a 410,000 acre decline from where the intentions suggested back in March and 650,000 acres below the average trade guess. As of the survey conclusion, NASS reported 12.767 million acres of beans left to be planted, the second most in to 2022 in the 5 years USDA has tracked the data. 

Quarterly Grain Stocks data pegged 970 mbu of soybeans on hand at the end of the third quarter (June 1). That was be up 174 mbu from last year’s 796 mbu, and just 8 mbu larger than the trade’s estimate of 962 mbu.

The weekly Commitment of Traders report showed managed money adding 23,693 contracts to their net short position at 129,663 as of last Tuesday. 

Monthly EIA data showed 1.07 billion lbs of bean oil used in biofuel production during April. That was a jump of 44 million lbs from March and the largest since December.

Jul 24 Soybeans  closed at $11.50 1/2, down 1 3/4 cents,

Nearby Cash  was $10.97, down 1 3/4 cents,

Aug 24 Soybeans  closed at $11.33 1/2, down 2 3/4 cents,

Nov 24 Soybeans  closed at $11.04, down 3/4 cent,

New Crop Cash  was $10.51 1/4, down 1/4 cent,
On the date of publication, Alan Brugler 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.