Soybeans Holding Above UNCH Despite Bearish NOPA Data
Soybeans are holding above steady on the midweek session, as contracts are up 1 to 5 ¾ cents despite an ugly April crush number from NOPA. Soymeal futures are up 50 cents/ton. Soy Oil is back 62 to 67 points higher as tighter NOPA stocks were reported.
This morning’s NOPA report showed just 166.03 mbu of soybeans crushed during April, a sharp 15.46% from March and well below the 183 mbu estimate heading in. That was also down 4.16% from a year ago and a 3-year low for April crush. Soybean oil stocks dropped to 1.75 billion lbs, down 5.2% from the end of March.
USDA reported a private export sale of 180,000 MT of soybeans to unknown destinations this morning, with 120,000 MT for old crop and 60,000 MT for new crop. Ahead of the Thursday morning Export Sales release, the trade estimates soybean sales for 23/24 at 300,000-550,000 MT, with new crop at 0-100,000 MT. Soybean meal sales are expected in a range of 100,000-575,000 MT in the week of 5/9, with 0-22,000 MT seen for new crop.
Jul 24 Soybeans are at $12.20 1/4, up 5 3/4 cents,
Nearby Cash is at $11.57 1/2, up 5 3/4 cents,
Aug 24 Soybeans are at $12.23 1/4, up 5 cents,
Jan 25 Soybeans are at $12.19 1/4, up 3 cents,
New Crop Cash is at $11.51, up 3 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.
