Soybeans at Daily Highs Post Report

The midday soybean futures board is sitting 8 1/2 to 19 1/4 cents in the black. Futures were initially up by ~12 cents going in. Soymeal prices are trading $2.60 to $5.50/ton lower so far. BO is extending the rally with another 3.6% to 4% at midday. USDA did not adjust the soybean cash average prices, still $14.20/bu for old crop and $12.10 for 23/24. 

USDA announced a private export sale this morning for 197k MT of old crop to unknown. 

The monthly WASDE report showed a 15 mbu reduction for old crop soybean’s exports, now at 2 bbu flat. That went into stocks, which are now expected to be 230 mbu on Sept 1. The trade was looking for a 221 mbu figure going in. New crop saw no other changes, as the 15 mbu carry-in went into 23/24 stocks – now estimated at 350. 

Global revisions saw USDA’s WAOB cut Argentina production by 2 to 25 MMT. That was as expected. Brazil’s output was upped by 1 to partially offset, now listed at a 156 MMT crop. The old crop carryout was lifted 320k MT to 101.32. 

Jul 23 Soybeans  are at $13.82 1/4, up 19 cents,

Nearby Cash is at $13.48 7/8, up 15 1/4 cents,

Aug 23 Soybeans  are at $12.94 1/4, up 15 cents,

Nov 23 Soybeans  are at $11.98 3/4, up 9 3/4 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.