The soybean market continued to feel the pressure all the way to closing Wednesday, with 18 to 21 ½ sent contracts on the day. The price of CMDTYVIEW's national average cash beans was down 21 cents at $ 9.79 1/4. The future of soymeal $ 2.80 to 4.80/ton was lower. Soy oil was down 22 to 35 points on the day.
The forecast continues to look less threatening to the US, with a rains at least an inch of the northern plains to the eastern corn belt over the next week. A few spottier totals are seen in parts of IL and IN.
Export sales data is expected to be released Thursday morning, with traders expecting to see between 200,000 and 600,000 MT of soybeans being sold for 2024/25 shipment. New crop sales are expected to see 0 to 150,000 MT in sales during the week of June 19. Sales for a soybean meal are estimated to be between 100,000 and 650,000 MT, with net reductions of 10,000 MT to net sales of 34,000 MT for a soybean meal.
The June acre report on Monday with the trade will be looking for 83.5 million acres of soybeans planted this spring, which is in keeping with the March planting intentions report. The range of estimates is 82 to 85 million acres.
Body 25 soybeans closed at $ 10.25 1/4, down 21 1/2 cents,
Cash nearby was $ 9.79 1/4, down 21 cents,
August 25 Soybeans closed at $ 10.29 1/2, down 20 3/4 Sent,
Nov 25 Soybeans closed at $ 10.18 1/2, down 18 1/2 Sent,
New crop money was $ 9.65 1/4, down 18 1/4 Sent,
At the date of publication, Austin Schroeder had no jobs (either directly or indirectly) in any of the guarantees mentioned in this article. All the information and data in this article is for information purposes only. This article was originally published on Barchart.com