Soybeans Close with Double Digit Gains

Thursday soy trading had beans and meal in the black with oil lower. Front month bean futures ended the day with gains of as much as 17 1/4 cents through July ’21. MTD soy deliveries are 220 bean contracts, 1,780 meal contracts, and 764 oil contracts. Soymeal futures closed the day with $7.90 to $8.30/ton gains. Soy oil futures were 33 to 40 points in the red at the closing bell. Via mandatory announcements, China bought 197,000 MT of new crop beans, and 202,000 MT were sold to unknown by US exporters. From the weekly Export Sales report 570,100 MT of old crop beans were booked. China purchased 73.8% of the total on the week. New crop purchases were also above expectations with 2.84 MMT. China booked 1.71 MMT, and 872,500 MT were sold to unknown. Soymeal export sales were below expectations with 252,366 MT sold on the week ending August 6. That was split 182k for 2019/20 and 70k for NMY. NMY bean oil bookings were 48,700 MT, and the largest bean oil forward sale for any week since September 23 2010. Analysts estimate 172 mbu of beans were processed by NOPA crushers in July. Bean oil stocks are estimated at 1.688b lbs.

Aug 20 Soybeans closed at $9.07 1/4, up 16 3/4 cents,

Sep 20 Soybeans closed at $8.96 1/4, up 15 3/4 cents,

Nov 20 Soybeans closed at $8.99 1/2, up 16 1/2 cents,

Jan 21 Soybeans closed at $9.04 1/2, up 16 3/4 cents,

Sep 20 Soybean Meal closed at $292.10, up $7.90

Sep 20 Soybean Oil closed at $31.23, down $0.33

--- provided by Brugler Marketing & Management

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