Soybean futures are mostly 2 to 3 cents in the red at midday, following the USDA’s July WASDE release. Nearby soy meal is down $3.50/ton, with soy oil 3 points lower. The USDA cut 40 mbu from 17/18 US ending stocks to 465 mbu. New crop stocks were raised 195 mbu to 580 mbu, as production was up 40 mbu to 4.32 bbu. Exports also played a role, as they were down 250 mbu on assumed lost shipments to China. Crush use was increased. World ending stocks for old crop beans were up 3.53 to 96.02 MMT, with Brazil up 0.5 to 119.5 MMT. New crop stocks were up 11.25 MMT to 98.27 MMT. China’s ag ministry dropped their country’s total import number by 1.8 to 93.85 MMT, with the USDA slashing theirs by 8 to 95 MMT. US weekly soybean old crop export sales were shy of the range of estimates at just 158,507 MT. Most of the 296,900 MT in reductions for unknown were likely switched. A total of 270,840 MT were shown for new crop in this morning’s Export Sales report. Soy Meal sales of 78,190 MT were split between 17/18 and 18/19, with soy oil 31,408 MT in sales.

Jul 18 Soybeans are at $8.28 1/2, down 1 1/4 cents,

Aug 18 Soybeans are at $8.30, down 3 cents,

Sep 18 Soybeans are at $8.35 1/2, down 2 1/2 cents,

Nov 18 Soybeans are at $8.45 1/2, down 2 3/4 cents,

Jul 18 Soybean Meal is at $329.50, down $3.50

Jul 18 Soybean Oil is at $28.30, down $0.03

Market Commentary provided by:

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