Soybeans bounced off the early session lows on Thursday, with contract closing fractionally to 2 ½ cents lower. The cmdtyView national average Cash Bean price was down 2 1/4 cents at $11.24 1/4. Soymeal futures were up $1.60 in the front months to 40 cents lower, with Soy Oil futures down 65 to 142 points. Despite early talk of easing tensions this week, crude oil finished the day with $2.52 gains as reports of explosions were noted in Iran late in the day.
Export Sales data from this morning pegged 141,940 MT of old crop soybean sales in the week of 4/30. That was a marketing year low and down 62.32% below the same week last year. China was the buyer of 66,900 MT (66,000 MT was switched from unknown), with 48,600 MT sold to Japan and Indonesia buying 43,500 MT. New crop sales were tallied at 5,500 MT, all sold to Indonesia.
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Soybean meal sales were seen at 335,749 MT, in a range of 150,000-450,000 MT. Bean oil bookings were tallied at just 954 MT, in the range of net reductions of 12,000 MT to net sales of 20,000 MT.
Brazil’s soybean exports are estimated by ANEC to total 14.53 MMT in May, a 0.35 MMT increase from their previous number. Actual trade ministry data from April showed 16.75 MMT of soybean shipments. That was an all time record for any month and 9.66% larger year/year.
May 26 Soybeans closed at $11.77, down 2 cents,
Nearby Cash was $11.24 1/4, down 2 1/4 cents,
Jul 26 Soybeans closed at $11.92 1/4, down 2 1/2 cents,
Nov 26 Soybeans closed at $11.73 1/2, down 2 cents,
New Crop Cash was $11.12 1/2, down 2 cents,
On the date of publication, Austin Schroeder 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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