Soybeans are again mixed with firmness in July and weakness in the new crop. July is off the overnight low and trading half a cent higher ahead of the weekly USDA Export Sales report. Soybean futures were mostly lower on Wednesday, but July ended the midweek 2 cents in the black. The other nearby futures were 2 to 3 cents lower at the close. Soybean meal prices ended the session with $1.90 to $4.20 losses, while soy oil bounced by 21 to 24 points.
Analysts are looking for USDA to report between 50k MT of net cancelations and 300k MT of net new sales for old crop beans in the weekly Export Sales report. New crop sales are expected to come in between 100k MT and 675k MT for the week that ended May 18.
Estimates for soymeal export sales range 150k MT to 550k MT for the week, with less than 150k of it for 23/24 delivery. Traders expect less than 10k MT of soybean oil was sold during the week for both 22/23 and for 23/24.
ANEC reported Brazil’s May soymeal exports were on pace to reach 2.5 MMT for May. The soybean export is estimated to be 15.9 MMT. The European Union reported the season’s soybean import reached 11.36 MMT as of May 21.
Jul 23 Soybeans closed at $13.24 1/2, up 2 cents, currently up 1/2 cent
Nearby Cash was $13.05 3/4, up 1 3/4 cents,
Aug 23 Soybeans closed at $12.58 3/4, unch, currently down 2 1/4 cents
Nov 23 Soybeans closed at $11.85, down 2 3/4 cents, currently down 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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