Soybean futures faded off any early strength on Wednesday, as contracts were down 6 to 12 cents at the close. Soymeal futures ended the day with gains of 70 cents to $1.50. Soy Oil futures were the weak spot and weight in the complex, with losses of 64 to 104 points.
Export Sales data will be released on Thursday, as the trade range of estimates is running 100,000 to 400,000 MT for old crop soybeans. Sales for the 2024/25 marketing year are expected in a range of 500,000 to 900,000 in the week of 7/18, which included an already know export sale announcement of over 500,000 MT. Soybean meal sales are seen at 275,000 to 800,000 spread out between the two marketing years, with bean oil 0 to 25,000 MT.
Brazilian export association Anec is projecting July soybean exports from that country will be 10.43 MMT based on the current vessel line up, with meal exports potentially reaching 2.4 MMT. That would be a new record, if achieved.
Aug 24 Soybeans closed at $11.11, down 6 1/2 cents,
Nearby Cash was $10.87 7/8, down 6 3/4 cents,
Nov 24 Soybeans closed at $10.64, down 11 1/2 cents,
Jan 25 Soybeans closed at $10.77 3/4, down 11 3/4 cents,
New Crop Cash was $10.17 1/1, down 10 1/2 cents,
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