Soybean Futures Market News and Commentary
Soybeans are feeling the pressure from the broad markets, as contracts are down 15 to 26 ½ cents. Product values are also lower, as soybean meal is down $2.20/ton and bean oil is 223 points lower in the July contract.
USDA announced a private export sale of 229,200 MT to unknown destinations this morning. That was split with 10,200 MT for old crop and 219,000 MT for the 22/23 MY.
The trade is estimating weekly Export Sales data will tally old crop export bookings at 150,00-500,000 MT in the week that ended on May 12. New crop sales are expected at 50,000-600,000 MT. Soy meal is seen at 100,000-400,000 MT, with bean oil at 0-20,000 MT.
Jul 22 Soybeans are at $16.63, down 15 cents,
Nearby Cash is at $16.31 1/1, down 14 1/8 cents,
Aug 22 Soybeans are at $16.05 3/4, down 18 1/2 cents,
Jan 23 Soybeans are at $15.02 1/4, down 25 1/4 cents,
New Crop Cash is at $14.54 7/8, down 26 5/8 cents,