The soybean market is trading 2 to 5 cents lower at midday. Soymeal futures are trading with losses of 70 to 8 cents so far. Soy Oil is feeling continued pressure after Monday’s weakness, with losses of 20 to 22 points in the nearbys on Tuesday.
USDA reported a large export sale of 124,000 MT of soybeans to unknown destinations for the current 23/24 MY this morning.
USDA is expected to show a slightly higher US 23/24 ending stocks total this Thursday in their WASDE report release, with the average trade guess up 4 mbu to 319 mbu. Trade estimate are in a range of 300 to 345 mbu.
May 24 Soybeans are at $11.76 3/4, down 4 3/4 cents,
Nearby Cash is at $11.22 1/8, down 4 1/2 cents,
Jul 24 Soybeans are at $11.90, down 4 1/4 cents,
Nov 24 Soybeans are at $11.81 1/4, down 3 cents,
New Crop Cash is at $11.18 3/8, down 2 1/4 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.
