Soy futures pushed the downside through the midweek session. Beans closed less than a nickel off their lows on 19 to 27 cent front month losses. November soybeans closed below $12/bu for the first time since December 2021. Soymeal futures were down by $1.60 to $4.10 on Wednesday. Soybean oil futures dropped another 1.7% to 2.2% on the day.
Traders surveyed expect USDA’s FAS to report less than 300k MT of old crop beans were sold for export during the week that ended 5/11. New crop export sales are expected to be below 300k MT as well. Analyst estimates for soymeal range 50k MT to 525k MT, with as much as 20k MT for soy oil.
Jul 23 Soybeans closed at $13.37, down 27 cents,
Nearby Cash was $13.18, down 27 1/2 cents,
Aug 23 Soybeans closed at $12.74 3/4, down 23 1/2 cents,
Nov 23 Soybeans closed at $11.87 1/2, down 19 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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