Soybeans are trading with modest 2 to 3 cent gains on Thursday morning. Futures failed to hold onto the midday gains, as futures were pressured lower into the close, down 2 to 4 ½ cents. Preliminary open interest suggested a rotation of ownership, down just 948 contracts. The cmdtyView national average new crop Cash Bean price was down 2 1/2 cents at $9.72 1/4. Soymeal futures were back down 40 cents to $1.80/ton. Soy Oil was back to higher trade, with gains of 29 to 51 points.
USDA’s weekly Export Sales date is expected to show between 100,000 and 350,000 MT of old crop soybeans sold in the week ending on 7/17, with 250,000 to 500,000 MT seen for new crop. Soybean meal is expected to see between 250,000 and 550,000 MT, with 0 to 20,000 MT seen for bean oil.
