Soybean futures are mixed on the session, as old crop contracts are down 2 to 8 cents at midday, and new crop months fractionally to a couple cents higher. Soymeal is weighing on the market with losses of $5.10/ton at midday. Soy Oil is up 22 points so far on the session. 

On the US side of USDA’s balance sheet update, the WAOB took the old crop soybean ending stocks down 5 mbu to 345 mbu on a 5 mbu cut to imports. The new crop total was trimmed by 20 mbu to 435 mbu. Output was cut by 15 mbu to 4.435 bbu on the drop to 86.1 million planted and 85.3 million harvested acres and yield left at 52 bpa.

Brazil’s soybean production estimate from the USDA this morning was left unchanged at 153 MMT, as CONAB left theirs at 147.33 MMT on Thursday morning. The projected 2024/25 crop was held at 169 MMT, with an initial Safras & Mercado estimate pegging the crop at 171.54 MMT this morning. Both are citing larger acreage. As for Argentina the crop was trimmed by 0.5 MMT to 49.5. World soybean stocks for the 2023/24 crop were up by just 180,000 MT to 111.25 MMT. For new crop the smaller US number helped take the stocks total  to 127.76 MMT, a 0.14 MMT. 

Updated NOPA data will be released on Monday, with a Reuters survey of estimates looking for 177.94 mbu of bean crushed in June. That would be a 7.8% increase from last year if realized and a record for the month. Soy oil stocks are projected at 1.669 billion lbs at the end of June.

Chinese customs data showed the country’s June soybean imports at 11.11 MMT, an improvement over the 10 MMT last year. The January through June imports have totaled 48.48 MMT, which is down 2.2% from a year ago.

Jul 24 Soybeans  are at $11.42 3/4, up 1 1/2 cents,

Nearby Cash  is at $10.76 3/8, down 8 cents,

Aug 24 Soybeans  are at $11.09 1/4, down 7 3/4 cents,

Nov 24 Soybeans  are at $10.68 1/2, up 3/4 cent,

New Crop Cash  is at $10.13 1/4, down 1/2 cent,