Early Thursday trade has soybean futures 3 ¼ to 4 ¼ cents lower than the Wednesday close. They leaked lower on Wednesday, posting 9 to 10 ¾ cent losses. Soymeal futures also fell late in the day, as May was $4.80 lower at the close. Soy Oil recovered from the midday weakness, with the front months up 2 points at the close.
This morning’s Export Sales report has traders expecting between 200,000 MT and 600,000 MT for 2023/24 soybean bookings and 0-100,000 MT for 24/25 sales. Meal sales are pegged in a range of 150,000 to 400,000 MT for the combined total. Bean oil sales ideas run from net reductions of 5,000 MT to sales of 10,000 MT.
Surveyed traders and analysts expect on average that USDA will show a slightly higher US 23/24 ending stocks total this morning in their WASDE report release. The average trade guess would be up 4 mbu to 319 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 $11.64 3/4, down 9 3/4 cents, currently down 4 1/4 cents
Nearby Cash was $11.10 1/4, down 9 5/8 cents,
Jul 24 Soybeans closed at $11.78, down 9 3/4 cents, currently down another 4 cents
Nov 24 Soybeans closed at $11.69 1/4, down 9 cents, currently down 3 1/2 cents
New Crop Cash was $11.06 1/2, down 9 1/8 cents,
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