Soybeans Collapsing Despite Export Business
Soybeans are fading the continued export business this week and a positive Export Sales report, with midday losses of 19 to 22 cents. Soymeal futures are a pressure factor with losses of $5.30 in the September contract. Soy Oil futures are posting a 56 point loss for September.
USDA reported another round of private export sales of 198,000 MT of 2024/25 soybeans to China this morning. Soybean meal sales of 105,000 MT were announced to Vietnam.
Export Sales data showed net reductions of 43,745 MT of 2023/24 soybeans for the week that ended on August 15, normal for this time in the MY. Sales for new crop bean business was shown at a MY high of 1.677 MMT and above the 0.8 to 1.35 MMT estimates. Much of that was sold to China, with 926,000 MT in sales, as 456,000 MT was to unknown destinations.
Meal sales were at net reductions of 20,103 MT for the 2023/24 marketing year, with 136,392 MT sold for the next MY. Bean oil bookings were 10,481 MT for 2023/24 and 2024/25 sales at 130 MT.
ProFarmer’s annual crop tour showed soybean pod counts (3x3 foot square) at 1,419.11 in Illinois, above the 1,270.61 pod count from last year and the 3-year average of 1,266.70.
Sep 24 Soybeans are at $9.41 3/4, down 21 1/4 cents,
Nearby Cash is at $9.19 5/8, down 20 1/2 cents,
Nov 24 Soybeans are at $9.62, down 19 1/2 cents,
Mar 25 Soybeans are at $9.95 1/2, down 19 1/4 cents,
New Crop Cash is at $9.04 1/1, down 20 1/2 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.