Soybeans Trying to Bounce into Friday’s Close
Soybean futures are showing fractional to 2 cent gains across most contracts on Friday’s midday. There were another 408 deliveries issued against August soybean futures overnight. The cmdtyView national average Cash Bean price is down 2 cents at $9.32 ¾. Soymeal futures are posting Friday gains of $1.50 to $3.60/ton, with Soy Oil posting losses of 40 to 95 points at midday. Another 629 deliveries were issued for August bean meal on Thursday, with 3 issued for August bean oil.
The forecast for the next 7 days from NOAA shows a drier pattern across IA, MO, and the ECB, with the Plains seeing light totals to just over an inch.
Export Sales data from USDA shows 51.1 MMT of soybean sold, shipped or unshipped, for 2024/25 so far, which is 101% of the balance sheet projection for export. Normally we’d be 103% of the USDA projection.
USDA will release monthly crush data this afternoon, with analysts expecting to see 196.6 million bushels of soybeans crushed during June. Soybean oil stocks for the end of the month are projected to total 1.863 billion lbs. EIA reported that a total of 1.025 billion lbs of bean oil was used in biofuel production during May, up from 829 million lbs in April.
Aug 25 Soybeans are at $9.63 3/4, up 2 cents,
Sep 25 Soybeans are at $9.70 1/4, up 3/4 cent,
Nov 25 Soybeans are at $9.90, up 3/4 cent,
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.
