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Beans Lower at Midday

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Soybean futures are firmly lower at midday, with price drops limited to a penny in the front months. Soymeal futures are also in the red with $0.60/ton drops. July bean oil is trading 9 points in the green so far. Private exporters reported a large sale of 126,000 MT of new crop beans to China. In the weekly Export Sales report, old crop bean sales were 241,678 MT. That was below pre-report estimates and down 70% yr/yr. Soybean export shipments were 389,011 MT on the week ending June 25, which was up 28.7% wk/wk, but 47% lower yr/yr. New crop bean sales were above estimates at 841,650 MT. The total forward sales are up to 254.88 mbu. China has booked 58.17% of the total forward sales. For soymeal, USDA reported sales at 143k MT for the week. That was up sharply yr/yr. Total soymeal commitments are still trailing 2018/19 by 2% through June 25. Bean oil export sales were a 25-week low of 2,834 MT. Yesterday’s Fats and Oils report showed May bean crush at 179.533 mbu. Bean oil stocks on hand at the end of the month were 2.447b lbs.

Jul 20 Soybeans are at $8.92 3/4, down 1 cent,

Aug 20 Soybeans are at $8.91 1/4, down 1/4 cent,

Sep 20 Soybeans are at $8.90 1/4, down 1 cent,

Nov 20 Soybeans are at $8.98, down 1 cent,

Jul 20 Soybean Meal is at $292.10, down $0.60

Jul 20 Soybean Oil is at $28.30, up $0.09

--- provided by Brugler Marketing & Management

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