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Soybeans Being Pushed Higher by Meal Ahead of Long Weekend
Soybeans are trading 2 to 7 cents higher on Friday’s midday, as we get set to kick off a 3-day weekend. Soymeal is a main reason for the strength, as front months are up $6.20 to $8 at midday. Soy Oil is weaker as we ready to round out the week, with losses of 21 to 25 points at midday.
Export Sales data has the total export commitments for old crop soybeans at 42.882 MMT, which is 93% of USDA’s export forecast, 6% behind the average pace. Shipments accumulated for the year are on par with the average pace, at 85% of the forecast total. Total sales for new crop beans have totaled just 955,887 MT, down 49.7% from a year ago, as China has yet to be in for any new crop.
An update to the International Grains Council numbers on Thursday showed world bean production up 1 MMT from the previous month to 414 MMT. Consumption remained the same, with stocks up 3 MMT to 78 MMT on higher carry over from the previous MY.
Jul 24 Soybeans are at $12.46 1/4, up 7 cents,
Nearby Cash is at $11.86 1/8, up 7 cents,
Aug 24 Soybeans are at $12.43 1/2, up 5 3/4 cents,
Nov 24 Soybeans are at $12.19, up 3 cents,
New Crop Cash is at $11.63 5/8, up 3 1/8 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.