Beans Higher on Wednesday
Related Stocks
 ZSK24 - Soybean
SymLastChgPct
ZSK241191-4s-1-0-0.08%
ZSPAUS.CM11.3491-0.0027-0.02%
ZSN241205-2s-1-2-0.10%
ZSX211234-0s+21-6+1.79%
ZSPX21US.CM12.3270+0.2300+1.90%

Soy futures never got back to pre report highs, but still ended the day 11 1/4 to 27 3/4 cents in the black. Old crop beans had widened the inverse further as July closed $2.61 3/4 cents above November. Soymeal futures closed $1.30 to $1.80 higher on the day. BO futures were 165 to 160 points stronger. From USDA’s report, the cash average price for old crop was left at $11.25/bu. The projected cash average price for new crop is initially seen at $13.85/bu. Meal’s 20/21 cash price was increased to $405/ton, with a $400/ton price for 21/22. For BO, USDA increased the cash price another 10 to 55 cents/lb, and has the NMY cash average price at 46 c/lb. 

USDA elected to maintain the April balance sheet for old crop soybeans. For new crop USDA has the initial soybean ending stocks at 140 mbu. The average trade guess was to see 133.2 mbu., so this was non-controversial.  Initial estimates for 21/22 crush is for 2.225 bbu, which would be a record and up 1.6% yr/yr. 

That leaves NMY soymeal production at 52.5 million tons, of which 0.86% is expected to be left for a 450k ton carryout. Soybean oil production is estimated at 25.945 billion lbs, with 1.513 billion in ending stocks. 

Global soy numbers reported show USDA expects carryout to build by 4.5 MMT to 91.1 MMT. Trade estimates averaged a 2.6 MMT build back to 89.4 MMT. The NMY export share estimate for U.S. beans is to drop from 36.2% to 32.6% as Brazil gains ground. 

Jul 21 Soybeans  closed at $16.42 1/2, up 27 3/4 cents,

Nearby Cash  was $16.51 1/2, up 27 1/8 cents,

Aug 21 Soybeans  closed at $15.72 1/2, up 19 cents,

Nov 21 Soybeans  closed at $14.43 3/4, up 12 1/4 cents,

New Crop Cash  was $13.94 1/6, up 12 1/8 cents,




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