Soybeans Sticking Closer to Even Following Lackluster Export Sales Data
Soybeans are slipping lower on Thursday following dull Export Sales data. Contracts are steady to 4 cents lower in the nearbys, with July slightly higher. Soymeal futures are down $1.70 to $2.30/ton. Soy Oil is extending the bounce with 80 point gains.
Weekly Export Sales data tallied soybean bookings at just 265,733 MT, below the trade range of estimates. That was a 3-week low and down 38% from the week prior. Egypt purchased 90,400 MT, with Indonesia in for 87,900 MT and Mexico buying 86,600 MT. USDA also reported new crop sales at 25,160 MT, mostly to Taiwan, as China has yet to lock in any new crop sales.
Soybean meal sales totaled 300,445 MT for the current MY and 31,110 MT for the 24/25 MY, as total sales snuck into the trade range of estimates. Bean oil saels were 9,114 MT for the current MY, as 24/25 sales were 962 MT.
Jul 24 Soybeans are at $12.14, up 1/2 cent,
Nearby Cash is at $11.51 3/8, up 5/8 cent,
Aug 24 Soybeans are at $12.15, down 1 1/4 cents,
Jan 25 Soybeans are at $12.09, down 3 1/4 cents,
New Crop Cash is at $11.40 3/8, down 3 5/8 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.
