Soybean futures settled 5 ½ to 7 cents lower on Tuesday, as a mid-morning rally stalled with May around $11.84 and prices declined the rest of the session. Soymeal futures did little, settling 40 to 70 cents per ton lower. Soy Oil saw continued pressure on Tuesday, extending the Monday sell off another 29 to 41 points.
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.
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 $11.74 1/2, down 7 cents,
Nearby Cash was $11.20 3/4, down 6 7/8 cents,
Jul 24 Soybeans closed at $11.87 3/4, down 6 1/2 cents,
Nov 24 Soybeans closed at $11.78 1/4, down 6 cents,
New Crop Cash was $11.15 5/8, down 6 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
