Soybean Meal Mar '23 (ZMH23)

Soybeans faded lower into the Wednesday close, with contracts down 6 ¾ to 9 cents on the day. The cmdtyView national average Cash Bean price was down 7 3/4 cents at $10.58 1/4. Soymeal futures were up 70 cents to $2.30 lower in the nearbys, with Soy Oil futures back down 82 to 113 points. 

The NOAA 7-day QPF showed a band of 1 to 3 inches from KS to the Southern portions of the ECB. Lighter totals of less than ½ inch are seen in northern IL, much of IA, NE, and SD.

Export Sales data will be out on Thursday, with traders looking for 2025/26 soybean sales to be between 100,000 to 500,000 MT. Sales for the new crop marketing year in the week ending on June 18 are seen between 450,000 to 1,000,000 MT per a Reuters poll of analysts. Soybean meal sales are estimated in a range of 200,000 to 500,000 MT, with bean oil booking expected to be 0 to 13,000 MT.

Jul 26 Soybeans  closed at $11.08 3/4, down 8 1/4 cents,

Nearby Cash  was $10.58 1/4, down 7 3/4 cents,

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