Soybeans Falling Back on Thursday Trade, as Bean Oil Adds Pressure

Soybeans are trading with Thursday midday losses, as contracts are down 11 to 14 cents at midday. The cmdtyView national average Cash Bean price was up 14 1/2 cents at $9.68 1/2. Soymeal futures are $2.30/ton higher to close the day, with Soy Oil futures up 123 points. There were another 131 deliveries for August soybean meal overnight, with 2 for bean oil. August futures expire today across the complex.
Export Sales data showed a total of net reductions of 377,610 MT old crop sales, which was below estimates of 200,000 to 700,000 MT during the week of August 7. That was a MY low, but is fairly normal in the last month of the market year. New crop business exceeded estimates of 400,000 to 900,000 MT, at 1.133 MMT without China getting involved. That was a MY high and 15% above the same week last year.
Meal bookings totaled 272,970 MT, was in the middle of the estimated range of 150,000 to 500,000 MT, as there were 26,320 MT for the current MY and 246,650 MT for next MY. Bean oil sales were just 732 MT, between 0 and 22,000 MT.
CONAB data was released this morning, with the Brazilian soybean crop coming in 0.16 MMT higher mo/mo to 169.65 MMT. Abiove estimates the crop at 170.3 MMT, a 0.6 MMT increase from last month
NOPA data will be released on Friday, with analysts expecting to se 191.59 mbu of soybeans crushed during July. Soybean Oil stocks are estimated at 1.38 billion lbs.
Aug 25 Soybeans are at $10.23 1/2, up 11 3/4 cents,
Nearby Cash is at $9.68 1/2, down 14 1/2 cents,
Sep 25 Soybeans are at $10.10, down 14 cents,
Nov 25 Soybeans are at $10.30 3/4, down 13 1/2 cents,
New Crop Cash is at $9.60, down 14 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.