Soy Meal Leading Soy Complex Charge on Thursday

A hand scooping soybeans

Soybeans are posting solid midday strength of 20 to 36 cents. There were 386 contracts issued against May bean futures, and that brought the oldest long all the way up to 4/30/24. Of the 386, Bunge stopped 216 for the house account. Soymeal is paving the way for the rally, up $13.30 to $15/ton. There were 11 contracts issued against May meal. Soy Oil is up 20 points in the July contract at midday. Deliveries against May BO was down to 477 lots and Bunge still stopping them for the house. 

Export Sales data from this morning showed an improvement from the week prior at 413,997 MT of beans sold in the week ending on 4/25. Egypt was the buyer of 146,000 MT, with 112,000 MT sold to Indonesia. USDA also reported new crop bookings at just 7,000 MT. Soybean meal bookings were below the trade range of estimates at just 131,012 MT, with bean oil bookings at a net sale of 7,195 MT.

Census data from March was released this morning, as bean shipments were tallied at 3.05 MMT (112.2 mbu), a drop of 2.6% from last year. Shipments to China were at a 12 year high for the month of 1.767 MMT. Meal exports to all destinations were a all time high for any month at 1.49 MMT. As US bean oil inclusion rates slow down, exports are picking up, with shipments totaling 44,791 MT, a 20-month high.

The monthly Fats & Oils report from USDA showed 203.7 mbu of soybeans crushed during March, below the 205.9 mbu average estimate. That was up 2.91% from last year and a record for the month (though not an all time record), as well as 5.05% above much shorter February. Soy oil stocks were tallied at 2.369 billion lbs, above the 2.294 trade estimate and the largest total since last May.

May 24 Soybeans  are at $11.91 3/4, up 36 cents,

Nearby Cash  is at $11.39 3/8, up 30 1/2 cents,

Jul 24 Soybeans  are at $12.00, up 29 3/4 cents,

Nov 24 Soybeans  are at $11.88 1/2, up 23 1/2 cents,

New Crop Cash  is at $11.25 3/8, up 24 1/2 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.