Soybeans Pulling Back on Friday Morning
Soybean futures are trading with Friday morning losses of 3 to 4 cents. They saw some support come in late in the day on Thursday to push price action to the positive side of unchanged. Contracts were firm to 2 ¼ cents higher at the close. The cmdtyView US cash average price was up 2 cents to $9.61 ½ at the close. Soymeal futures were down $1.80 to $3.40/ton. Soy Oil futures were back up 69 to 101 points to close out the day. There were 65 deliveries issued against September soybeans overnight. There were 0 deliveries issued for soybean meal, with 100 deliveries for soybean oil.
A couple private export sales of 2024/25 soybeans were reported on Thursday morning, with 126,000 MT sold to China and 189,700 MT to unknown destinations.
Weekly Export Sales data will be delayed until this morning due to Monday’s holiday. Traders are calling for net reductions of 200,000 MT to net sales of 200,000 MT for 2023/24. New crop sales are expecting to total 800,000 MT to 2 MMT in the week of August 29. Meal sales are seen as totaling 150,000 to 650,000 MT in that week, with 0 to 20,000 MT for total soy oil sales.
Soybean exports out of Brazil in July totaled 8.04 MMT, a 6-month low and down 4.12% from last year.
Sep 24 Soybeans closed at $10.08 1/4, up 2 1/4 cents, currently unch
Nearby Cash was $9.61 1/2, up 2 cents,
Nov 24 Soybeans closed at $10.23 1/2, up 2 cents, currently down 3 cents
Mar 25 Soybeans closed at $10.55 1/2, up 1 3/4 cents, currently down 3 1/2 cents
New Crop Cash was $9.61 1/2, up 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. For more information please view the Barchart Disclosure Policy here.