Soybeans leaked lower into the Wednesday close, as contracts posted 9 to 10 ¾ cent losses. Soymeal futures also fell late in the day, as May was $4.80 lower at the close. Soy Oil is continuing recovered from the midday weakness, with the front months up 2 points.
USDA reported another large sale of 254,000 MT of soybeans to unknown for new crop delivery this morning. The Thursday morning Export Sales report has traders expecting between 200,000 MT and 600,000 MT for 23/24 soybean bookings and 0-100,000 MT for 24/25 sales. Meal sales are pegged in a range of 150,000 to 400,000 MT for the combined total. Bean oil bookings are seen at net reductions of 5,000 MT to sales of 10,000 MT.
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 estimates are in a range of 300 to 345 mbu. The average trade guess for Brazilian soybean production is 2.7 MMT lower than in the March report at 152.3 MMT. For Argentina, estimates are showing a 0.4 MMT increase on average to 50.4 MMT. The world carryout projection is seen slipping just 0.5 MMT to 113.8 MMT, mainly on the lower Brazilian number.
May 24 Soybeans closed at $11.64 3/4, down 9 3/4 cents,
Nearby Cash was $11.10 1/4, down 9 5/8 cents,
Jul 24 Soybeans closed at $11.78, down 9 3/4 cents,
Nov 24 Soybeans closed at $11.69 1/4, down 9 cents,
New Crop Cash was $11.06 1/2, down 9 1/8 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.
