Soybeans

Soybean futures fell 39 1/2 to 46 cents in most contracts on Thursday, as a Chinese agreement to purchase US beans had little impact.July 17 soy meal was $17.60 the red, as soy oil dropped 42 points in the front month. The USDA indicated 16/17 soybean export sales of 228,041 MT for the week of July 6, with new crop sales at 455,000 MT. Total sales were 55.7% larger than a week ago but 25% lower than last year. Weekly export shipments were reported at 407,368 MT, 46.2% above the previous week and 2.2% higher than the same week in 2016. Soy meal sales came in at 140,715 MT, with most of that coming from 17/18 sales. That was 75.5% larger than last week but 24.8% lower than this time last year. Meal exports came in at 128,805 MT, behind weeks previous. Soy oil sales were at 16,164 for 16/17, more than double last week but 10.5% behind last year. Shipments were just 7,398 MT. Chinese customs data shows that the country imported 44.81 MT during the first half of the year, a 14.2% increase yr/yr. A Chinese delegation to the US agreed to purchase 12.53 MMT of soybeans in a frame contract. Typically these agreements are followed by a few big sales revealed under the daily reporting system, with the rest of the business coming along later.

Jul 17 Soybeans closed at $9.72 1/2, down 44 1/4 cents,

Aug 17 Soybeans closed at $9.75 1/2, down 45 1/4 cents,

Sep 17 Soybeans closed at $9.78 3/4, down 46 1/2 cents,

Jan 18 Soybeans closed at $9.96, down 46 cents,

Jul 17 Soybean Meal closed at $316.80, down $17.60,




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