Soybeans Pulling Back from Early Strength

Soybean futures are trading with fractional to 5 ¼ cent gains so far on Friday falling back from the early morning double digit strength. Today is first notice day for September futures, with 6 deliveries issued against September soybeans. Soymeal futures are up 80 cents in the October contract, with October Soy Oil futures down 12 points.

USDA reported a private export sale of 132,000 MT of soybeans to China this morning. Another 100,000 MT of bean meal was sold to Columbia according to the flash sale. 

Soybean oil used as a feedstock for biodiesel production in June totaled 1.267 billion lbs. That was up from 1.076 billion lbs in May and the largest since July 2023.

Total export sale commitment for shipped and unshipped sales have totaled 45.666 MMT, a drop of 14% from last year and 99% of USDA’s projected total, lagging the 104% average. Total shipments according to the FAS data are 43.938 MMT, 95% of the USDA forecast and 3 percentage points behind normal. Forward sales jumped to 10.158 MMT as of 8/22, which is now the third lowest going back to the 2009/10 marketing year and just 4.1% below last year.

Sep 24 Soybeans  are at $9.74, up 1/4 cent,

Nearby Cash  is at $9.44 1/1, up 1 3/4 cents,

Nov 24 Soybeans  are at $9.96 1/4, up 3 3/4 cents,

Mar 25 Soybeans  are at $10.28 1/4, up 5 1/4 cents,

New Crop Cash  is at $9.38 5/8, up 3 1/4 cents,

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. For more information please view the Barchart Disclosure Policy here.