Soybeans collapsed into the lows on Wednesday, as contracts were down 13 to 14 cents across the nearbys. The cmdtyView national average Cash Bean price was down 16 ½ cents at $9.30 ¾. Soymeal futures are continuing their weakness, with contracts down $1.40 to $2.00/ton, with Soy Oil posting gains of 66 to 84 points.
Export Sales data from USDA will be released on Thursday morning, with analysts looking for 100,000 to 300,000 MT in old crop soybeans bookings for the week ending on July 24. New crop sales are estimated to total 100,000 to 600,000 MT. Bean meal bookings are expected to total 200,000 to 550,000 MT between the current and next marketing year, with bean oil seen in a range of 0-23,000 MT.
