Soy Complex Closes in Red

Friday trading closed the week with losses of less than 1%. Old crop futures were down 5 to 6 1/4 cents and new crop soybeans settled 1 to 4 1/4 cents lower. Soybean meal futures closed with $1.1 to $1.70/ton losses on Friday. Front month soy oil futures ended firm with losses of only 3 points. USDA’s mandatory reporting system this morning reported 132,000 MT of soybeans were sold to China, split 50/50 old/new crop. From the Export Sales report, soybean bookings totaled 847,252 MT on the week ending May 21. That was half of last week’s but double the same week last year. Bean bookings in the report were split 644k and 203k MT old and new crop. Soybean meal bookings were 127,221 MT, which was on the low end of trader estimates. The report showed soybean oil sales were well above expectations at 56,599 MT. Soy oil sales were down from last week’s sales, which were the 2nd highest for the MY, but still 61.2% above the same week from last year. The average analyst estimate ahead of Monday’s Fats and Oils report is for 182.4 mbu of beans crushed in April. Soy oil stocks are estimated to total 2.55b lbs on April 30. The Commitment of Traders report showed that on May 26 managed money funds were net long 5,813 contracts. which was down 6,251 contracts wk/wk via new sellers. Soymeal spec traders also added new sellers, to 41,775 contracts net short. In soybean oil, spec traders were 3,984 contracts net long on reduced OI.

Jul 20 Soybeans closed at $8.40 3/4, down 6 1/4 cents,

Aug 20 Soybeans closed at $8.43 1/2, down 5 3/4 cents,

Sep 20 Soybeans closed at $8.45 1/2, down 5 cents,

Nov 20 Soybeans closed at $8.51 3/4, down 4 1/4 cents,

Jul 20 Soybean Meal closed at $283.20, down $1.10

Jul 20 Soybean Oil closed at $27.38, down $0.01

--- provided by Brugler Marketing & Management




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