Soybeans are showing mixed action on Wednesday, with July up ½ cent and ither contracts 2 to 5 cents lower after a less than bull friendly USDA revision. Soymeal futures is back up at midday after yesterday’s drop, with contracts up $2.10/ton. Soy Oil futures are down 18 points at midday.
USDA announced another private export sale of 106,000 MT of old crop beans to China this morning, following the 104,000 MT sale from Tuesday.
This morning’s USDA World Ag Supply and Demand Estimate report showed the old crop soybean ending stocks raised by 10 mbu to 350 mbu on a cut to crush. The 24/25 crop saw the carryout raised by that same amount on the increased carryover to 455 mbu. Ther than that, the S&D table was left unchanged.
As for the world data, WAOB left the Argentine soybean production alone at 50 MMT, as expected. Brazil also got an expected revision lower, but not by the projected amount, as the 153 MMT was just a 1 MMT cut. World carryout for old crop was 111.07 MMT, a 0.71 MMT reduction. New crop was seen 0.6 MMT lower at 127.90 MMT.
Jul 24 Soybeans are at $11.78 1/2, up 1/2 cent,
Nearby Cash is at $11.21 3/8, up 1/2 cent,
Aug 24 Soybeans are at $11.69, down 2 3/4 cents,
Nov 24 Soybeans are at $11.47 1/4, down 4 1/4 cents,
New Crop Cash is at $10.91 5/8, down 4 1/4 cents,
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