Soybeans Holding Steady at Midday
Soybeans are trading with most contracts down 1 to 2 cents and September up 1 ¼ cents. The cmdtyView national average Cash Bean price is steady at $9.73 1/4. Soymeal futures are down $2.20 to 60 cents higher so far on the day. There were 21 deliveries issued overnight. Soy Oil futures are 42 to 50 points lower. The CBOT reported 7 deliveries against September on first notice day.
Export Sales data has old crop soybean commitments at 50.869 MMT, which is 100% of the USDA forecast and behind the 103% average pace. Business for new crop is at 7.228 MMT, which is 28.8% below last year for this time, as Chinese buying has been silent.
Monthly crush data will be released next Tuesday with the Monday holiday, as analysts are looking for 207.1 mbu of soybeans crushed during July, with a 204.8 to 212 mbu range of estimates. Bean oil stocks are seen at 1.895 billion lbs.
EIA data showed 1.045 billion gallons of soybean oil used for biodiesel production during June, the highest in 6 months.
Sep 25 Soybeans are at $10.29 1/2, up 1 1/4 cents,
Nearby Cash is at $9.73 1/4, up 0 cent,
Nov 25 Soybeans are at $10.47, down 1 cent,
Jan 26 Soybeans are at $10.65, down 1 3/4 cents,
New Crop Cash is at $9.68, up 0 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. For more information please view the Barchart Disclosure Policy here.