Soybeans pulled off the early selling following the USDA report to close out the Thursday session with losses of 3 ¼ to 5 ½ cents. Soymeal futures were up $2.10 to $4.70/ton. Soy Oil was the real bear in the crowd with 104 to 155 point losses.
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 20 lower export number for the current 23/24 MY (5 mbu lighter imports). Ending Stocks were 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, with BAGE trimming expected Argentina production by 1.5 to 51 MMT.
May 24 Soybeans closed at $11.59 1/4, down 5 1/2 cents,
Nearby Cash was $11.05 1/8, down 5 cents,
Jul 24 Soybeans closed at $11.72 1/2, down 5 1/2 cents,
Nov 24 Soybeans closed at $11.64 1/4, down 5 cents,
New Crop Cash was $11.01 1/2, down 5 cents,
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