Soybean bulls are trying to push things higher on Monday, with contracts up 5 to 17 cents, led by the nearbys on a little bull spreading. Soymeal futures are up $9.50/ton in the July contract. Soy Oil futures are back down 46 points. Heavy rains brought up to 10-15 inches or more in parts of SD, MN, and IA over late last week into the weekend, causing flooding in areas north and east along the Missouri River.
USDA issued a private export sale announcement of 228,000 MT of soybean meal for the 2024/25 marketing year to the Philippines this morning.
This morning’s Export Inspections report indicated 342,293 MT of soybeans shipped in the week that ended on 6/20. That was well above the same week from 2023 and just slightly above the week previous. Egypt was the lead destination for shipments at nearly a third of the total (113,216 MT), with 73,290 MT headed to Mexico and 58,207 MT to Germany. Total shipments for the marketing year have totaled 41.23 MMT (1.51 bbu), which is down 16.2% from the same period last year.
Jul 24 Soybeans are at $11.77, up 16 1/2 cents,
Nearby Cash is at $11.24, up 19 1/4 cents,
Aug 24 Soybeans are at $11.59 1/2, up 12 1/2 cents,
Nov 24 Soybeans are at $11.26 3/4, up 6 3/4 cents,
New Crop Cash is at $10.73 5/8, up 9 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.
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