Soybeans Reverting Lower on Friday
Soybeans are posting 22 to 25 cent losses as the bears take back control on Friday. August options expire today. Soymeal futures are up 80 cents/ton in the August contract. Soy Oil futures are collapsing to add to the pressure, down 166 points.
USDA’s Export Sales report shows the total commitments for soybean export at 45.31 MMT, or 98% complete of USDA’s forecast total. The average pace would be 103% for this week. Accumulated exports for the year are sitting at 91% of USDA’s projection with just a month and a half left in the marketing year as the 5-year average is 92%. Looking ahead to new crop sales, there are 2.9 MMT of forward sales on the books, which is down 30.1% from a year ago and the lowest total for this week in the last 20 years. We are catching up on the 19/20 forward sales from the Trade War period.
Aug 24 Soybeans are at $10.91 1/2, down 24 1/2 cents,
Nearby Cash is at $10.64 1/1, down 25 1/4 cents,
Nov 24 Soybeans are at $10.55 1/2, down 24 cents,
Jan 25 Soybeans are at $10.71, down 22 3/4 cents,
New Crop Cash is at $10.09 1/2, down 23 3/4 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.