Soybeans Turn Lower as New Crop Selling Continues

Soybeans are down 1 ½ to 6 cents at midday, with bull spreading against a perception of excellent early season conditions for new crop soybeans.  Product values continue to provide the pressure as crush margins have been pressured. Soymeal is seeing a little bottom picking, up $1.40 to $2.0 per ton.  Soy Oil is down 43 to 46 points across the board.

The weekly Crop Progress report showed that just KY, LA, and MN of the 18 states reported were lagging planting pace, all by 1%. Emergence across the US was 55% complete, 3% faster than normal. The next week will provide opportunities for those who are behind to get in the field, with a drier WCB and just spotty precip totals in the ECB of an inch or less.

Trade estimates for US soybean export sales in the week ending May 30 are running 175,000 to 600,000 MT for old crop, with new crop expected to see no more than 200,000 MT.  Meal ideas are running 100,000 to 350,000 MT, with negligible 2024/25 business. Soy oil ideas are running anywhere from net negative 5,000 tonnes to a positive 12,000 MT. 

Brazilian analysis firm Celeres cut their soybean production number to 148.4 MMT, close to the CONAB number but still well below USDA @ 154 MMT. 

Jul 24 Soybeans  are at $11.77 1/2, down 1 1/2 cents,

Nearby Cash  is at $11.20 1/1, down 1 1/2 cents,

Aug 24 Soybeans  are at $11.75, down 2 1/2 cents,

Nov 24 Soybeans  are at $11.50, down 6 cents,

New Crop Cash  is at $10.94 1/1, down 5 1/4 cents,

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