Soybeans Holding Steady on Friday AM Trade

Soybeans are trading with contracts fractionally mixed. Futures were weaker early on during the Thursday session, but contract came back to close with 1 to 2 cent gains in the nearbys. September was an exception, down 4 cents on thin trade. There were 125 deliveries issued against September beans overnight. Preliminary open interest was down 8,784 contracts on Thursday. The cmdtyView national average Cash Bean price was up 1/2 cent at $9.55 3/4. Soymeal futures were steady to $3.50 higher on the day, with Soy Oil futures 7 to 13 points at the close. There were no deliveries against September meal overnight, with 138 issued for September bean oil.

The US/Japan trade deal was finalized on Thursday afternoon, with the White House stating Japan will increase “purchases of United States agricultural goods, including corn, soybeans, fertilizer, bioethanol (including for sustainable aviation fuel), as well as other United States products, in amounts totaling $8 billion per year.” For reference, Japan’s annual buying of those three specific good totaled $2.5 to $4.8 billion over the last 5 years.

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Export Sales data will be released this morning, a day late due to the Monday holiday. Analysts surveyed by Reuters are looking for old crop to total between net reductions of 300,000 MT and sales of 50,000 MT. New crop is seen between 0.6 and 1.6 MMT in the week of August 28. Soybean meal sales are expected to be in the middle of 100,000 MT and 450,000 MT. Bean oil sales are estimated in a range of 0 to 22,000 MT.

Monthly export data was released on Thursday via Census, with 1.751 MMT (64.3 mbu) of soybeans shipped, a 3 year high for July, up 17.44% from last year, and 16.67% larger than June. The first 11 months of the MY have totaled 48.95 MMT (1.798 bbu). Census data reported meal exports at 1.392 MMT, which was a record for July, up 37.3% from last year and 5.14% larger than June. Bean oil shipments were 28,583 MT, the lowest since last November.

US soybean yield is estimated at 53.2 bpa according to a survey of producers by StoneX, a 0.4 bpa drop from last month. Production is expected at 4.257 bbu.

August soybean exports out of Brazil were tallied at 9.338 MMT, a record for the month and 16.13% from last year but down 23.82% from last year.

Story Continues

Sep 25 Soybeans  closed at $10.12, down 4 cents, currently down 2 1/2 cents

Nearby Cash  was $9.55 3/4, up 1/2 cent,

Nov 25 Soybeans  closed at $10.33, up 1 1/2 cents, currently up 3/4 cent

Jan 26 Soybeans  closed at $10.51 1/2, up 1 1/2 cents, currently 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. This article was originally published on Barchart.com

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