The old crop bean market ended the day up a penny in July and 7 cents in May. The new crop prices were 4 1/4 to 6 3/4 cents lower. The products were also mixed as meal futures gained $1.60 to $2.40, but BO fell 80 to 89 points.Â
Traders are looking for the USDA to report between 250k MT and 600k MT of old crop bean export sales on Thursday. New crop business is expected to be below 200k MT in the weekly update. Pre-report estimates for soymeal range 100k to 300k MT, with 0-25k MT for soy oil.Â
A Louis Dreyfus canola crush plant is expanding in Canada’s Saskatchewan province. The expansion will double the capacity to 2 MMT by 2025. Â
Brazil’s Anec expects April soymeal exports will reach 2.1 MMT, up from their prior 1.86 MMT forecast and above 1.82 MMT last year – citing a shift away from Argentinian sources. Their projected soybean export is 14.38 MMT for the month, up from 11.36 MMT in April of ’22.Â
Global S&D revisions in yesterday’s WASDE included a 6 MMT cut to Argentina’s production, taking it to 27 MMT. Brazilian output was up by 1 to 154 MMT, and inline with the pre report estimate. USDA trimmed China’s 22/23 soy crush by 1 MMT. The net global stocks figure increased by 280k MT to 100.29.Â
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May 23 Soybeans  closed at $15.04 1/4, up 7 cents,
Nearby Cash  was $14.62 1/2, up 3 1/8 cents,
Jul 23 Soybeans  closed at $14.72 1/4, up 1 cent,
Nov 23 Soybeans  closed at $13.07 3/4, down 6 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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