Soybeans were off the highs at the close but still managed to close out the day with gains of 5 to 6 cents across most contracts as August rolled off the board. Soymeal futures were up $3.20 to $5.30 per ton.  Soy Oil futures were down 18 to 31 points so far on the day. August futures for the products also expired today.

Bean oil is feeling weaker following a proposal out of California to limit soybean and canola oil to a 20% inclusion rate (on a per entity basis) in biodiesel and renewable biodiesel to qualify for LCFS credits earlier this week. The proposed limits would go into effect in 2028.

Soybean export sales are seen as totaling between 100,000 and 500,000 MT in Thursday’s Export Sales report for the 2023/24 crop. Sales for the 2024/25 marketing year are estimated in between 400,000 MT and 1 MMT for the week that ended in August 8. Meal bookings are expected to total between150,000 and 650,000 MT between the current and next marketing year. Bean oil is estimated in a range of net reductions of 3,000 MT to sales of 25,000 MT.

NOPA is expected to show July crush totaling 182.37 mbu among members in tomorrow’s crush report. The range of estimates is 178.5 to 185 mbu among those surveyed by Reuters. Soybean oil stocks are pegged at 1.608 billion pounds as of July 31.

Aug 24 Soybeans  closed at $9.79 3/4, down 9 1/4 cents,

Nearby Cash  was $9.35 3/8, up 5 cents,

Nov 24 Soybeans  closed at $9.68 1/2, up 6 cents,

Jan 25 Soybeans  closed at $9.86 1/2, up 6 1/4 cents,

New Crop Cash  was $9.12 7/8, up 6 cents,