Soybean futures are trading with midday losses of 4 to 7 cents across the front months. Soymeal continues to weigh on the market, with losses of $4.70/ton. Soy Oil is also lower on Thursday, with July down 4 points.
The 7-day QPF from NOAA is calling for rains across much of the US growing region over the next week, which won’t benefit anyone with empty fields but will help the over 2/3 of the US crop already planted.
Export Sales data is delayed until Friday morning due to the Monday holiday. The trade is calling for 200,000-400,000 MT in old crop bean sales for the week of 5/23, with 0-150,000 MT for new crop. Meal sales are expected to be between 100,000-410,000 MT in total, with bean oil from net reductions of 5,000 to 20,000 MT in sales.
Jul 24 Soybeans are at $12.09 1/2, down 4 1/2 cents,
Nearby Cash is at $11.50 1/1, down 4 3/8 cents,
Aug 24 Soybeans are at $12.08 3/4, down 5 cents,
Nov 24 Soybeans are at $11.91, down 5 3/4 cents,
New Crop Cash is at $11.35 1/8, down 6 1/4 cents,
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