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.
