Coop Services, Inc. -

Soy Complex in the Red

Alan Brugler - Barchart - Wed Aug 05, 4:44PM UTC

So far soybeans are trading 2 3/4 to 4 cents lower in the front months. Soymeal futures are 50 to 80 cents lower at midday. There were 219 deliveries against august soymeal, MTD total is 291 contracts. August soybean oil is 3 points weaker at midday, the other front months are down 17 to 20 points. There were 142 deliveries issued against Aug bean oil futures, which brought the month’s total to 764. Private exporters sold 192,000 MT of soybeans to China for 2020/21 delivery. Official soybean exports in June were 1.8 MMT. That was 9% lower than May and down by 45% from June ’19. Meal exports were up 7.8% from May with 1.07 MMT shipped. Bean oil exports were the second lowest in the MY at 76,052 MT. MYTD oil shipments are the largest through June since the 09/10 MY. Traders estimate bean bookings between 200k and 550k MT ahead of the Export Sales report. New crop soybean sales are estimated between 0.6 and 1.2 MMT. US and China trade reps reportedly plan to meet via video conference on August 15 to assess compliance by China on the Phase One deal. Egypt issued an international tender for soy oil.

Aug 20 Soybeans are at $8.80, down 3 3/4 cents,

Sep 20 Soybeans are at $8.76 1/2, down 3 1/4 cents,

Nov 20 Soybeans are at $8.78, down 3 3/4 cents,

Jan 21 Soybeans are at $8.85, down 3 cents,

Aug 20 Soybean Meal is at $282.90, down $0.80

Aug 20 Soybean Oil is at $31.50, down $0.03

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