Beans Fade Lower on the Short Week
Soybeans were under pressure again on Friday, with contracts down 10 to 12 cents. July gave back 18 ½ cents this week, as November was down 23 ¾ cents. The cmdtyView Cash Bean price was down 9 3/4 cents to $9.95 1/2. Soymeal futures were steady on the day, as Jule was up just a dime this week. Soy Oil futures fell another 145 to 150 points lower, with July falling 246 points this week.
A wetter pattern over the next week from the Northern Plains to the ECB added pressure. Bean oil was pulling back, following reports that the White House is looking to address the backlog of small refinery exemptions. The RIN market fell off, adding pressure on soy oil.
Export Sales data from this morning showed 146,034 MT in old crop bean sales, coming in below analysts estimates of 150,000 to 500,000 MT. That was a 15-week low and down 55.8% from last year. Mexico was the buyer of 52,200 MT, with 2,400 MT sold to Indonesia. New crop totaled 32,000 MT, vs. estimates of 0 to 250,000 MT.
Soybean meal sales came in at 603,169 MT in total, above the expected range of 150,000 to 450,000 MT, with 424,649 MT for the current MY. That was the largest since October. Of the large total for 2024/25, the Philippines bought 158,400 MT, with 97,000 MT to Japan. Bean oil sales were 19,542 MT, within the range of estimates of 5,000 to 32,000 MT. That was also a 7-week high.
Large managed money speculators in soybean futures and options added 24,043 contracts to their net long position as of May 27th to 36,967 contracts. In soybean meal, specs were cutting back 13,681 contracts from their previously record net short position two 93,785 contracts as of Tuesday.
Monthly crush data will be updated on Monday, with traders looking for April crush to total 201.8 million bushels.
Jul 25 Soybeans closed at $10.41 3/4, down 10 cents,
Nearby Cash was $9.95 1/2, down 9 3/4 cents,
Aug 25 Soybeans closed at $10.36 3/4, down 11 3/4 cents,
Nov 25 Soybeans closed at $10.26 3/4, down 10 1/2 cents,
New Crop Cash was $9.64 1/2, down 11 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. For more information please view the Barchart Disclosure Policy here.