Beans Lose Steam but Still Green

Soybean futures ceded 3 to 5 cents in the afternoon session, but still closed 3 1/2 to 4 1/2 cents higher in the front months. July soybeans were trading on just 142 contracts (as of Wed) with no deliveries reported yet. The national average soybean cash price from cmdtyView is $8.56, but ECB beans are $8.59 compared to $8.19 in the WCB. Soymeal futures closed with gains of $3.50 to $3.60/ton. Soy oil futures ended the day down by 26 points. Old crop export sales from the week ending July 2 exceeded estimates as 34.99 mbu were booked. New crop sales were below expectations @ just 14.04 mbu. Accumulated new crop bookings are at 49 mbu, which is 181% above new crop bookings from the same week last MY, and 81% of the total fwd sales coming into the 2019/20 MY. China booked 49% of the week’s sales, with 461k MT of old crop bookings and 192k MT of new crop purchases. Chinese new crop commitments are at a multi-year high for this date. Soymeal sales were 124,392 MT on the week ending July 2. Meal sales were primarily to Mexico and Colombia. Bean oil bookings on the week were just above pre-report estimates with 28,908 MT sold.

Jul 20 Soybeans closed at $8.98 1/4, up 3 1/2 cents,

Aug 20 Soybeans closed at $8.96 1/2, up 4 cents,

Sep 20 Soybeans closed at $8.95 1/4, up 4 1/2 cents,

Nov 20 Soybeans closed at $9.01 1/2, up 4 1/4 cents,

Aug 20 Soybean Meal closed at $297.30, up $3.50

Aug 20 Soybean Oil closed at $28.29, down $0.26

--- provided by Brugler Marketing & Management

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