Soybeans Slip Back to Start Friday
The 7 day forecast is creeping higher, with totals up to 1-nearly 5+ inches for parts of IA, southern WI, northern MO, and northwest IL in the next week. Areas in KS, MN, IN and MI are also expected to to receive nearly an inch.
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Export Sales data showed old crop soybean sales in the week of 7/31 at 467,842 MT. That was a 4-week high and still 43.8% above the same week last year. Taiwan was the buyer of 150,400 MT, with the Netherlands in for 119,700 MT. New crop business was 545,010 MT, a MY high for new crop. Unknown destinations was the buyer of 254,300 MT, with 106,000 MT purchased by Egypt.
Soybean meal sales were tallied at 281,761 MT, which was in the estimated range of 100,000 to 400,000 MT, with 169,393 MT for the current MY and 112,368 MT for next MY. Bean oil sales were tallied at 7,039 MT, which was in the middle of expectations of 0-13,000 MT.
Ahead of the Tuesday Crop Production report, traders are looking for US soybean yield to be 53 bpa, with a range of 52 to 54. Production is seen at 4.374 billion bushels, which is up 39 mbu from the July WASDE.
Aug 25 Soybeans closed at $9.71 3/4, up 10 1/4 cents, currently down 2 cents
Nearby Cash was $9.35 1/4, up 8 1/2 cents,
Sep 25 Soybeans closed at $9.74, up 8 1/2 cents, currently down 1 1/2 cents
Nov 25 Soybeans closed at $9.93 3/4, up 9 1/4 cents, currently down 2 cents
New Crop Cash was $9.26 3/4, up 9 1/2 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. This article was originally published on Barchart.com
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