Soybeans Continuing Slide on Product Pressure
Soybeans are trading 4 to 8 ½ cents lower so far on Thursday, as pressure from the product values is holding things back. Soymeal is showing losses of $3.30 to $3.60, with Soy Oil down 31 to 32 points at midday.
Export Sales data showed just 210,899 MT of soybeans booked in the week that ended on April 18, a 3-week low and below the trade estimates. China was the top buyer of 167,500 MT, as unknown had 136,800 MT in net reductions as they were switched to a destination. New crop sales were on the low side of the trade range at 120,060 MT, less than half of the previous week’s total.
Soybean meal sales picked up in the week of 4/18 to 307,859 MT for 23/24, an 8-week high and more than double the previous week. The 24/25 sales were tallied at 35,104 MT. Soybean oil sales were at a 7-week high and second largest this MY at 16,231 MT
May 24 Soybeans are at $11.57 1/2, down 8 1/2 cents,
Nearby Cash is at $11.05 3/8, down 8 1/2 cents,
Jul 24 Soybeans are at $11.74, down 7 1/2 cents,
Nov 24 Soybeans are at $11.69 3/4, down 4 3/4 cents,
New Crop Cash is at $11.07 7/8, down 4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.