Soybeans are up anywhere from fractionally to 2 ½ cents this morning. Futures settled 5 ½ to 7 cents lower on Tuesday, as a mid-morning rally stalled with May around $11.84 and prices declined the rest of the session. Soymeal futures did little, settling 40 to 70 cents per ton lower. Soy Oil saw continued pressure on Tuesday, extending the Monday sell off another 29 to 41 points.
USDA is expected to show a slightly higher US 23/24 ending stocks total this Thursday in their WASDE report release, with the average trade guess up 4 mbu to 319 mbu. Trade estimates are in a range of 300 to 345 mbu.
The average trade guess for Brazilian soybean production is 2.7 MMT lower than in the March report at 152.3 MMT. For Argentina, estimates are showing a 0.4 MMT increase on average to 50.4 MMT. The world carryout projection is seen slipping just 0.5 MMT to 113.8 MMT, mainly on the lower Brazilian number.
May 24 Soybeans closed at $11.74 1/2, down 7 cents, currently up 2 1/2 cents
Nearby Cash was $11.20 3/4, down 6 7/8 cents,
Jul 24 Soybeans closed at $11.87 3/4, down 6 1/2 cents, currently 1 3/4 cents
Nov 24 Soybeans closed at $11.78 1/4, down 6 cents, currently up 1 cent
New Crop Cash was $11.15 5/8, down 6 1/8 cents,
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