Soybean Meal Mar '23 (ZMH23)
Soybean Meal Futures Market News and Commentary
Soybeans saw fractional losses in some deferreds, with nearbys down 7 ¾ cents on Friday. July was down 9 ¾ cents this week. The cmdtyView national average Cash Bean price was down 9 1/4 cents at $11.25 3/4. Soymeal futures were down $2.20 to $4.30, with July down $2.10 on the week. Soy Oil futures 49 to 102 points higher and July up 374 points this week. Crude Oil was a pressure factor, down $1.14/bbl, money was flowing out ahead of the weekend, with the President looking over the proposed agreement between the US and Iran.
USDA reported a private export sale of 192,000 MT of soybeans to unknown destinations this morning, with 60,000 MMT for old crop and 132,000 MT for new crop.
Export Sales data was released this morning, with a total of 299,899 MT of old crop bean sales during the week of May 21. That was down from the week prior but still the more than double the same week last year. Mexico was the lead buyer of 86,800 MT, with 64,000 MT sold to unknown destinations.... Read more
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