Soybean futures are down 4 1/4 to 10 3/4 cents so far for Thursday. The November contract is within a dime of the 3/24 low at midday. Meal prices are also $1.30 to $1.50 weaker through Thursday’s midday. Soybean oil futures are trading 2% to 2.3% in the red so far.
USDA’s weekly Export Sales report showed 311,252 MT of soybean bookings for the week that ended 4/20. That was up from 100k MT last week but was under the 481k MT sold during the same week last year. Analysts were looking for between 75k and 500k MT going into the report. Soybean exports were 453,708 MT for the week, taking the season’s total to 46.72 MMT. That is even with last year’s export pace and is 85% of USDA’s forecast. Accumulated old crop soybean commitments were at 92% of USDA’s forecast.
USDA’s FAS also reported 153,437 MT of soymeal sales and 134 MT of soy oil bookings. For meal, USDA has the accumulated export at 7.013 MMT or 56% of the full year’s forecast. The 36,835 MT of soy oil exports have the season’s total at 16% of the 230k MT forecast.
The USDA Ag Attaché set their preliminary output projection at 159 MMT for Brazil’s 23/24 soybean crop. That would be a 6.5 MMT increase from this year’s record.
May 23 Soybeans are at $14.33, down 3 cents,
Nearby Cash is at $13.92, down 6 1/4 cents,
Jul 23 Soybeans are at $14.06 1/4, down 8 1/2 cents,
Nov 23 Soybeans are at $12.57 1/4, down 9 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.
/EV%20charging%20spot%20by%20Patpitchaya%20via%20iStock.jpg)
/A%20Lucid%20Motors%20vehicle%20parked%20in%20front%20of%20a%20showroom_%20Image%20by%20Michael%20Berlfein%20via%20Shutterstock_.jpg)
/A%20Palantir%20office%20building%20in%20Tokyo_%20Image%20by%20Hiroshi-Mori-Stock%20via%20Shutterstock_.jpg)
