Soybeans are trading with early Thursday losses of 11 to 12 cents so far. Futures saw marginal gains of 2 to 3 ¼ cents in most contracts on Wednesday, with most contracts fading the USDA export sale announcement, 6 to 8 cents off the highs. Open interest suggested a rotation of ownership, up just 874 contracts. The cmdtyView national average Cash Bean price was up 1 3/4 cents at $10.79. Soymeal futures were steady to down $1.10, with Soy Oil futures falling another 77 to 138 points. The market will round out the week today, with Friday off in observance of Juneteenth.
USDA reported 372,000 MT of soybeans to unknown destinations on Wednesday morning with 60,000 MT for old crop an 312,000 MT for new crop shipment.
Export Sales data will be updated this morning, with traders looking for between 100,000 and 300,000 MT for old crop in the week of June 11. New crop sales are seen between 250,000 and 500,000 MT. A Reuters survey of analysts also shows meal sales expected between 200,000 and 650,000 MT, with bean oil bookings estimated between net cancellations of 2,000 MT and sales of 20,000 MT.
Jul 26 Soybeans closed at $11.32, up 2 cents, currently down 12 cents
Nearby Cash was $10.79, up 1 3/4 cents,
Aug 26 Soybeans closed at $11.36 3/4, up 2 1/4 cents, currently down 11 1/4 cents
Nov 26 Soybeans closed at $11.49 1/4, up 2 3/4 cents, currently down 10 3/4 cents
New Crop Cash was $10.83 1/4, up 1 3/4 cents,
.jpeg?w=600)
