Soybeans Continue Slide Despite Export Business
Soybeans closed out the Wednesday session with losses as contracts were down 13 to 20 ¼ cents on the day. Soymeal saw losses of 90 cents to $6.10/ton on the day to add to the product pressure. Soy Oil resumed the week’s slide during the session, as contracts were own 60 to 115 points.
A private export sale of 132,000 MT of new crop soybeans was reported to China by the USDA this morning. That is the first set of sales to China for the 2024/25 marketing year so far this year.
Ahead of the weekly Export Sales update on Thursday morning, traders are estimating to see 200,000 to 600,000 MT of 2023/24 soybean sold in the week of July 4th. For new crop, the trade estimates a range of estimates at 50,000 to 300,000 MT. Bean meal sales are seen in a range of 200,000 to 600,000 MT for combined sales. Bean oil estimates are running 4,000 to 20,000 MT.
South American production estimates per Bloomberg’s survey call for Argentina to be left unchanged at 50 MMT ahead of the monthly USDA report. Brazil is expected to see a 1.3 MMT cut to 151.7 MMT.
Jul 24 Soybeans closed at $11.41 1/4, down 20 1/4 cents,
Nearby Cash was $10.80 1/2, down 13 1/2 cents,
Aug 24 Soybeans closed at $11.13 1/4, down 18 cents,
Nov 24 Soybeans closed at $10.67, down 13 cents,
New Crop Cash was $10.13 1/4, down 11 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.