? Prices:
- July Soybeans (SN): $10.22 3/4, down 2 1/2 cents
- November Soybeans (SX): $10.16 1/2, down 2 cents
- July Soybean Meal (MN): $270.90, down $5.10/ton; new contract low at 270.60
- July Soybean Oil (LN): 52.52, up 0.70 cents/lb
- July/August Spread (SN/SQ): -5, down 3/4 cent
? Market Headlines:
- Private exporters this morning reported daily export sales flashes of 110,000 MTs of soybeans for delivery to Egypt during the 2024/25 marketing year. Of note, this is the first flash soybean sale since May 12th.
- On the weekly side, old crop sales were seen at 403k MTs in the week, with featured buyers being the Netherlands (63,400 MTs), Mexico (60,600 MTs), and Egypt (60,000 MTs); unknown destinations assigned out/rolled/canceled 38,600 MTs in the week. New crop sales were better than expected at 156k MTs, with Mexico taking 57,200 MT's and unknown destinations taking 55k MTs.
- Meal futures made new contract lows for a fifth consecutive session today, as overnight news regarding Chinese purchases of Argentine meal for the first time since 2019 further added to the bearish supply cloud that has been overhanging the market all week.
- For Monday's reports, traders see quarterly soybean stocks at 980 mil bu, which compares to 970 mil bu the same time last year. On acres, traders see planted acreage at 83.7 mil acres, which like corn would be up just marginally from the March estimate of 83.5 mil acres.
- Weekly drought monitor data showed just 12% from of the US soybean area in D1-D4 drought, which is also down 1% from last week.
Summary:
Higher trade in the bean oil market was unable to lift soybean values throughout the day today, as spillover selling from the meal market instead stole the show. The first daily sales flash in over a month indicates non-China business is beginning to increase, with US beans competitive with Brazil through late summer due to good China business there in recent weeks that has caused values to rise. Like we mentioned in our mid-day comments, the good business from China to Brazil has limited interest in new crop US supplies, with China still having zero US purchases on the books for 2025/26.
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