Soybean prices are down 1 to 2 cents going into the USDA weekly Export Sales report. Futures were down 6 to 12 cents at the close on Wednesday. Soymeal futures ended the day with gains of 70 cents to $1.50. Soy Oil futures were the weak spot and weight in the complex, with losses of 64 to 104 points.
Export Sales data will be released this morning, with trade estimates running 100,000 to 400,000 MT for old crop soybeans. Sales for the 2024/25 marketing year are expected in a range of 500,000 to 900,000 in the week ending 7/18, which included an already know export sale announcement of over 500,000 MT. Soybean meal sales are seen at 275,000 to 800,000 spread out between the two marketing years, with bean oil 0 to 25,000 MT.
Brazilian export association Anec is projecting July soybean exports from that country will be 10.43 MMT based on the current vessel line up, with meal exports potentially reaching 2.4 MMT. That would be a new record, if achieved.
Aug 24 Soybeans closed at $11.11, down 6 1/2 cents, currently down 1 1/4 cents
Nearby Cash was $10.87 7/8, down 6 3/4 cents,
Nov 24 Soybeans closed at $10.64, down 11 1/2 cents, currently down 1 cent
Jan 25 Soybeans closed at $10.77 3/4, down 11 3/4 cents, currently down 1 cent
New Crop Cash was $10.17 1/1, down 10 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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