Soybeans were weaker early on during the Thursday session, but contract came back to close with 1 to 2 cent gains in the nearbys. September was an exception, down 4 cents on thin trade. The cmdtyView national average Cash Bean price was up 1/2 cent at $9.55 3/4. Soymeal futures were steady to $3.50 higher on the day, with Soy Oil futures 7 to 13 points at the close. There were 13 deliveries against September meal overnight, with 82 issued for September bean oil.
Export Sales data will be released on Friday morning due to the Monday holiday. Analysts surveyed by Reuters are looking for old crop to total between net reductions of 300,000 MT and sales of 50,000 MT. New crop is seen between 0.6 and 1.6 MMT in the week of August 28. Soybean meal sales are expected to be in the middle of 100,000 MT and 450,000 MT. Bean oil sales are estimated in a range of 0 to 22,000 MT.
Monthly export data was released this morning via Census, with 1.751 MMT (64.3 mbu) of soybeans shipped, a 3 year high for July, up 17.44% from last year, and 16.67% larger than June. The first 11 months of the MY have totaled 48.95 MMT (1.798 bbu).
Census data reported meal exports at 1.392 MMT, which was a record for July, up 37.3% from last year and 5.14% larger than June. Bean oil shipments were 28,583 MT, the lowest since last November.
US soybean yield is estimated at 53.2 bpa according to a survey of producers by StoneX, a 0.4 bpa drop from last month. Production is expected at 4.257 bbu.
August soybean exports out of Brazil were tallied at 9.338 MMT, a record for the month and 16.13% from last year but down 23.82% from last year.
Sep 25 Soybeans closed at $10.12, down 4 cents,
Nearby Cash was $9.55 3/4, up 1/2 cent,
Nov 25 Soybeans closed at $10.33, up 1 1/2 cents,
Jan 26 Soybeans closed at $10.51 1/2, up 1 1/2 cents,
