Soybeans Post Gains on Thursday
The 7 day forecast is calling for heavy totals of 1 to 3+ inches rain over parts of IA, southern WI, northern MO, and northwest IL in the next week.
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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.
ANEC estimates Brazil's August export total at 8.15 MMT, which would be above the 7.98 MMT total from last year. Chinese imports of soybeans during July totaled 11.67 MMT from all destinations, which was a record for the month but down from 12.26 MMT in June.
Aug 25 Soybeans closed at $9.71 3/4, up 10 1/4 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,
Nov 25 Soybeans closed at $9.93 3/4, up 9 1/4 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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