Soybean futures finished with gains of mostly 3 to 5 cents on Thursday. Soy meal was down $1.20 in the front month, with July 17 soy oil 65 points higher. Planalytics lowered their 2017 US soybean yield estimate 0.2 bu/ac to 46.8 bu/ac. This morning’s NOPA reports showed May crush blowing by estimates at 149.246 million bushels, which is 7.27% larger than April and 4.67% below May 2016. Soy oil stocks hit expectations on the nose at 1.749 billion pounds, 1.37% above April but 12.27% lower than last May. Old crop export sales for the week of June 8 came in at 340,249 MT, well above last week, but still lagging last year’s pace. New crop sales picked up this week, at 314,033 MT, but are still a cumulative 38.1% behind last year. China did indicate that a buying mission (pretty much an annual event) would be coming to the US in mid-July. US exports for that week were improved over last week at 489,028 MT. Soy meal sales were reported at 166,787 MT for 16/17 and 110,444 MT for 17/18, with exports at 215,737 MT. Soy oil sales were at 30,293 MT for 2016/17, as this week’s report showed shipments of 16,763 MT.

Jul 17 Soybeans closed at $9.34 3/4, up 3 cents,

Aug 17 Soybeans closed at $9.38 3/4, up 3 1/2 cents,

Sep 17 Soybeans closed at $9.40, up 3 3/4 cents,

Jan 18 Soybeans closed at $9.51 1/4, up 4 3/4 cents,

Jul 17 Soybean Meal closed at $300.60, down $1.20,

Jul 17 Soybean Oil closed at $32.74, up $0.65

Market Commentary provided by:

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