Soybeans Rally to Close Out August

Soybean futures closed with gains of 7 to 9 cents on Friday. Today is first notice day for September futures, with 6 deliveries issued against September soybeans. Soymeal futures were up $1.20 in the October contract, with October Soy Oil futures down 1 point.

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. 

Ahead of Friday’s Fats & Oils report the trade is expecting to see 192.135 mbu of soybeans crushed during July. 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  closed at $9.82, up 8 1/4 cents,

Nearby Cash  was $9.50 3/4, up 7 1/2 cents,

Nov 24 Soybeans  closed at $10.00, up 7 1/2 cents,

Mar 25 Soybeans  closed at $10.31 3/4, up 8 3/4 cents,

New Crop Cash  was $9.43 3/8, up 9 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.