Soybeans are down 1 ¾ to 3 cents across the front months at midday, but are pulling off the post USDA release lows after some less than friendly data. Soymeal futures are up $2.60 to $3.50/ton. Soy Oil is in collapse mode again on Thursday, down 116 points.
The weekly Export Sales report tallied old crop soybean sales at 305,257 MT, a 3-week high and in the middle of the trade estimates. Mexico was the largest buyer of 172,600 MT. Meal totaled 187,933 MT for the current marketing year, with 53,429 MT for nest MY. Bean oil sales were at 4,308 MT.
USDA’s WASDE release showed a 15 mbu increase to the US carryout this morning on a lower export number for the current 23/24 MY. It was tallied at 340 mbu. The world side saw very few changes, at the carryout was just 0.05 MMT tighter to 114.22 MMT. Both Brazil (155 MMT) and Argentina (50 MMT) were left unch, despite calls for a lower crop out of the former. Production and exports for Paraguay were increased. CONAB trimmed another 0.3 MMT off their projection or Brazil to 146.5 MMT.
May 24 Soybeans are at $11.63, down 1 3/4 cents,
Nearby Cash is at $11.09 3/4, down 1 1/2 cents,
Jul 24 Soybeans are at $11.76, down 2 cents,
Nov 24 Soybeans are at $11.67 1/4, down 2 cents,
New Crop Cash is at $11.04 1/8, down 1 3/8 cents,
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