The spot soybean contract, Aug-23, climbed by almost $0.20 per bushel the week of Jul. 17 to close at $15.01 per bushel. Nov-23 closed the week at nearly $14.02 per bushel. 

Soybean oil futures continued their climb the week of Jul. 17. Aug-23 soybean oil futures rose by almost a nickel over the week to close at $0.6940 per pound. Oct-23 soybean oil futures closed at $0.6374 per pound, up almost 3 cents per pound for the week. 

About 20 percent of the nation’s soybeans were setting pods as of Jul. 16, about 3 points above the five-year average. The average good to excellent rating improved to 55 percent of the crop vs. 61 percent a year prior. 

NOPA crush was released the week of Jul. 17, pegging June crush above 165 million bushels, below analyst expectations. This is lower than May by about 7 percent and about flat vs. June 2022. Soybean oil stocks fell to 1.69 billion, a seven-month low and down about 4 percent YOY. 

Net soybean sales for 2023/24 were more than 887,000 MT for the week ending Jul. 13. Soybean oil sales were limited; net oil sales were down 756 MT due to cancelations. Cumulative soybean oil sales now stand at just 69 percent of the current 2022/23 projection, suggesting that category could have a positive effect on stocks. 

The full version of this commentary appeared on our IQ platform Jul. 21, 2023. Further information, statistics, and pricing for the soy complex are available to IQ subscribers. Learn more about becoming a subscriber. 

Posted by: Information Services
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