SOYBEAN futures at the Chicago Board of Trade were weaker on Friday, feeling pressure from soymeal and soyoil.
The United States Department of Agriculture published its export sales report and for the week ended June 29 old crop soybeans came to 187,800 tonnes and new crop sales were 592,800 tonnes. Trade expectations called for 100,000 to 350,000 tonnes of old crop and zero to 400,000 tonnes of new crop.
Old crop soymeal sales amounted to 148,800 tonnes plus new crop sales of 33,000 tonnes. Market guesses were 50,000 to 250,000 tonnes of old crop and zero to 200,000 for new crop. Soyoil hit a marketing low, incurring net reductions of 6,300 tonnes, falling below predictions of zero to 20,000 tonnes.
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The USDA is set to release its monthly supply and demand estimates on Wednesday at 11 am CDT.
Brazil export association ANEC projected the country’s soybean exports for July at 9.44 million tonnes, which would be 2.44 million tonnes more than a year ago. Soymeal exports are expected to be 2.25 million tonnes, 180,000 more than July 2022.
The Buenos Aires Grain Exchange said the Argentina soybean harvest wrapped up last week, gleaning 21 million tonnes. Initial estimates called for 47 million tonnes, but a severe drought eroded production estimates throughout the year.
CORN futures were lower on Friday, in a correction from recent gains.
The USDA announced a flash sale to Mexico for 45,000 tonnes of old crop corn along with 135,000 tonnes of new crop.
The department said old crop corn export sales tallied 251,700 tonnes with new crop sales of 418,000 tonnes. Market guesses included zero to 500,000 tonnes for old and new crop each.
ANEC pegged Brazil corn exports for July at 6.34 million tonnes, 710,000 more than last July. ANEC also noted Brazil has the cheapest corn on the global export market.
The BAGE said the corn harvest in Argentina was about 52 per cent complete. The exchange forecast production at 34 million tonnes, compared to last year’s 52 million.
WHEAT futures were weaker on Friday, despite strong export sales.
Wheat sales were 405,800 tonnes, which exceeded projections of 50,000 to 350,000.
FranceAgriMer reported the French soft wheat harvest reached 10 per cent complete. While that’s behind last year’s pace of 23 per cent done, it’s ahead of the five-year average of seven per cent finished.
The BAGE said rain has delayed the completion of wheat planting in Argentina. With about 14.83 million acres to be planted, the exchange pegged seeding at more than 80 per cent finished. That’s nine points back of the five-year average.
