Soybean futures managed to squeeze out fractional to 1 cent gains on Thursday, despite mostly bearish numbers from the USDA. Most of those numbers were likely priced in ahead of the report. Nearby soy meal was up 40 cents/ton, with soy oil 16 points lower. The USDA cut 40 mbu from 17/18 US ending stocks to 465 mbu, with help from higher crush and exports. New crop stocks were raised 195 mbu to 580 mbu, as production was up 40 mbu to 4.32 bbu. Exports played the major role, 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 and China crush down 3 MMT. New crop stocks were up 11.25 MMT to 98.27 MMT. China’s ag ministry dropped their country’s expected 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. A total of 270,840 MT were shown for new crop in this morning’s Export Sales report.
Jul 18 Soybeans closed at $8.30, up 1/4 cent,
Aug 18 Soybeans closed at $8.33 3/4, up 3/4 cent,
Sep 18 Soybeans closed at $8.39, up 1 cent,
Jan 19 Soybeans closed at $8.59, up 3/4 cent,
Jul 18 Soybean Meal closed at $333.40, up $0.40,
Jul 18 Soybean Oil closed at $28.17, down $0.16