01/08/2024 (Bar Chart) - Soybeans are feeling some pressure this morning as front months are down 4 to 6 cents at midday. September Soymeal futures are up $1.90/ton so far on the session. Soy Oil futures were are facing weakness, with September down 90 points.

USDA reported a private export sale of 132,000 MT of soybeans to China this morning for new crop delivery.

Soybean export bookings totaled 376,398 MT in the week that concluded on July 25. That was a 6-week high and above the trade range of estimates at 75,000 to 300,000 MT. New crop sales in that week totaled 632,134 MT, in the middle of the trade’s range of 300,000 to 900,000 MT and the second largest this MY.

Meal sales totaled just 43,722 MT for the current marketing year, as 232,391 MT were booked for the following MY. Bean oil sales were 517 MT for the 23/24 MY, with net reductions of 3,473 MT for 2024/25.

June crush data will be updated later today, with most expecting to see 184.58 mbu crushed, a drop from May’s 192 mbu but an improvement from last year. Bean oil stocks are expected to total 2.081 billion lbs. Soybean oil used for biodiesel production in May totaled 1.076 billion lbs according to EIA data. That was the largest total since December but down 5.69% from last year.

StoneX pegs the 2024/25 soybean crop out of Brazil 165.05 MMT, compared to their projection of 149.01 MMT for 2023/24.

Aug 24 Soybeans  are at $10.23, down 5 1/2 cents,

Nearby Cash  is at $9.98 3/4, down 14 3/4 cents,

Nov 24 Soybeans  are at $10.18 1/4, down 4 1/4 cents,

Jan 25 Soybeans  are at $10.33 3/4, down 5 3/4 cents,

New Crop Cash  is at $9.65, down 4 cents,

https://www.barchart.com/story/news/27763789/soybeans-slipping-as-bean-oil-falls