Soybeans are trading 10 to 15 cents higher this morning, with more help from the products. They found some assistance from bean oil on Monday, as futures were up 7 to 12 ½ cents across most contracts. Soymeal were up $3 to $5.20/ton in the nearbys, but down 90 cents to $3.10 across the other contracts. Soy Oil futures were up 168 to 206 points on some help from crude oil.
There were 161 deliveries vs. July BO overnight, and still none against July meal or July soybeans. The oldest soybean long awaiting delivery is from 5/6/24.
Weekly Export Inspections data showed 303,023 MT (11 mbu) of soybeans shipped during the week of June 27. That was a 13.4% drop from the week prior and still 14.7% above the same week last year. The lead destination was Egypt at 111,037 MT, with 53,543 MT to Germany. Year to date bean shipments are at 41.54 MMT (1.526 bbu), still 16% behind the same period in the 22/23 marketing year.
USDA’s Fats & Oils report showed May soybean crush at 191.97 mbu, below the 193.85 mbu average estimate. That was an 8.02% increase from April’s drop and a 2.67% jump from May 2023. Soy oil stocks were 2.187 billion lbs, below the average estimate and 5.4% below the month prior.
Crop Progress data indicated 95% of the US bean crop emerged, with 20% blooming, 5% above the average pace. The crop already has 3% setting pods vs. the 2% average. Soybean conditions were left at 67% gd/ex. A 1% point shift from good to excellent brought up the Brugler500 index 1 point to 369.
Jul 24 Soybeans closed at $11.59 1/2, up 9 cents, currently up 15 cents
Nearby Cash was $11.07 1/8, up 7 3/4 cents,
Aug 24 Soybeans closed at $11.46, up 12 1/2 cents, currently up 13 cents
Nov 24 Soybeans closed at $11.11, up 7 cents, currently up 13 cents
New Crop Cash was $10.58 3/4, up 5 1/4 cents,
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.
