Soybeans continued to feel pressure on Thursday, as most front months were down 5 to 7 cents. Both the September and November contract held the lows from Wednesday.  Soymeal futures were up 10 cents to $1.10/ton so far on the session. Soy Oil futures were down 43 to 82 points at the close.

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. 

Monthly crush data via the Fats & Oils report showed 183.66 mbu of soybeans crushed in June. That was nearly 1 mbu below estimates and down 4.24% from May but still a 5.23% increase over a year ago. Bean oil stocks were down 2.9% from the end of May, but still above estimates at 2.12 billion lbs..

StoneX pegs the 2024/25 soybean crop out of Brazil 165.05 MMT, compared to their projection of 149.01 MMT for 2023/24. As for their US projection, they see the crop at 4.483 bbu, with an average yield at 52.6 bpa. 

Aug 24 Soybeans  closed at $10.22, down 6 1/2 cents,

Nearby Cash  was $9.97 5/8, down 15 3/4 cents,

Nov 24 Soybeans  closed at $10.16 1/2, down 6 cents,

Jan 25 Soybeans  closed at $10.32 1/4, down 7 1/4 cents,

New Crop Cash  was $9.63 1/8, down 6 cents,