Soybeans avoided the lows of the day, but settled 1 ½ to 5 1/2 cents lower, with November the weakest on a generally benign Corn Belt weather forecast. Soymeal was seeing a little bottom picking, settling $2.50 to $4.40 per ton higher but also more than $6 below the highs of the day. Soy Oil settled close to where it was at midday, down 47 to 49 points.
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. USDA will release their weekly numbers in the morning.
Jul 24 Soybeans closed at $11.77 1/4, down 1 3/4 cents,
Nearby Cash was $11.20 7/8, down 1 5/8 cents,
Aug 24 Soybeans closed at $11.74 1/4, down 3 1/4 cents,
Nov 24 Soybeans closed at $11.50 1/2, down 5 1/2 cents,
New Crop Cash was $10.94 1/8, down 5 cents,
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