Soybeans Pushed Lower Following Bearish NOPA Data

Rows of soybeans in a field

Soybeans slipped into the close, as contracts settled with losses of a penny to 4 ¾ cents after NOPA reported an ugly April crush number. Soymeal futures were down $1.60 to $2.70/ton at the close. Soy Oil was up 12 to 24 points as tighter NOPA stocks were reported.

The Wednesday morning NOPA report showed just 166.03 mbu of soybeans crushed during April, a sharp 15.46% from March and well below the 183 mbu estimate heading in. That was also down 4.16% from a year ago and a 3-year low for April crush. Soybean oil stocks dropped to 1.75 billion lbs, down 5.2% from the end of March. 

USDA reported a private export sale of 180,000 MT of soybeans to unknown destinations on Wednesday morning, with 120,000 MT for old crop and 60,000 MT for new crop. Ahead of the Thursday morning Export Sales release, the trade estimates soybean sales for 23/24 at 300,000-550,000 MT, with new crop at 0-100,000 MT. Soybean meal sales are expected in a range of 100,000-575,000 MT in the week of 5/9, with 0-22,000 MT seen for new crop.

Jul 24 Soybeans  closed at $12.13 1/2, down 1 cent,

Nearby Cash  was $11.51 3/4, down 1 cent,

Aug 24 Soybeans  closed at $12.16 1/4, down 2 cents,

Jan 25 Soybeans  closed at $12.12 1/4, down 4 cents,

New Crop Cash  was $11.44, down 4 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.