The current soy market is trading lower into Wednesday’s day session. Bean oil futures were 87 to 92 points lower at the close and ended near their lows. Soybeans closed down by 2 1/2 to 3 3/4 cents weaker in the new crop and double digits in the red for old crop. July futures were just 1 1/2 cents over their daily low at the bell. Soymeal was the exception for the complex and stayed 50 cents in the black during the afternoon slip.
The CME Synthetic Soy Crush was 91.7 cents/bu (July) through midday, after being +$2 in early March. The New crop Dec spread is at $1.74/bu.
Export Sales estimates range from 150k to 500k MT for old crop soybeans. New crop sales are estimated to be below 200k MT for the week that ended 5/4. Analysts anticipate between 50k and 300k MT of soymeal was sold during the week. Soybean oil sales are expected to be below 12k MT.
Global soy carryout is estimated to be 1 MMT tighter at 99 MMT on average. The trade average guess for Argentina production is 24.2 MMT, which would be 3 MMT tighter than the April figure. Brazilian soybeans are expected to be within -1 MMT to +5 MMT from the April figure. CONAB will show their figures on Thursday.
Jul 23 Soybeans closed at $14.14 1/4, down 19 1/2 cents, currently down 8 1/2 cents
Nearby Cash was $13.97, down 23 cents,
Aug 23 Soybeans closed at $13.47 1/2, down 18 cents, currently down 7 1/2 cents
Nov 23 Soybeans closed at $12.54 1/2, down 18 cents, currently down 7 3/4 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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