Beans Broke Down in the Afternoon on Wednesday

July soybeans never traded in the black for the midweek session, but closed 8c off their lows for an 11c loss on the day. New crop prices were fractionally mixed but mostly lower at the close. Nov beans gave all but 1/2 a cent of their 7c gain back for the day during a +20c ranged session. Soymeal futures were the weak link on Wednesday, closing with front month losses of as much as 2%. Soybean oil closed in the black after midday weakness, going home with 22 to 53 point gains on the day. 

Analysts are looking for FAS to report between 250k MT and 550k MT of old crop soybean sales for the week that ended 6/8. Recall the USDA already announced two large private sales, to Spain and to Unknown destinations. New crop bean bookings are estimated between 100k MT and 350k MT. Soymeal sales are estimated between 150k and 300k MT for 22/23 and below 100k MT for 23/24. Survey respondents are looking for fewer than 15k MT of BO bookings in the weekly update. 

Trader estimates ahead of Thursday’s NOPA report expect members processed 175.88 mbu in May. The full range of pre-report estimates is from 172.85 to 179.22 mbu, which would be a new all time record for the month. BO stocks are expected to be 1.957b lbs in the report. 

Brazil’s CONAB estimated the soybean crop 900k MT higher at 155.7 MMT. USDA went with 156 MMT in the June WASDE. 

Jul 23 Soybeans  closed at $13.88 1/4, down 11 cents,

Nearby Cash   was $13.57, down 7 3/4 cents,

Aug 23 Soybeans  closed at $13.18 1/2, down 3 1/4 cents,

Nov 23 Soybeans  closed at $12.40, up 1/2 cent,