Soybeans Lower with Drier Forecasts This Week

Soybean futures ended the day with 7 to 9 1/4 cent losses. Forecasts are calling for drier weather across the Midwest this week. Soybean meal was down $2.30/ton, with soy oil 19 points lower. USDA reported a private export sale of 145,000 MT of soybeans to Unknown for 18/19 delivery this morning. Ahead of Thursday’s Export Sales report, analysts expect soybean sales to be 200,000-500,000 MT for old crop and 100,000-300,000 MT for new crop. Meal sales are estimated at 75,000-350,000 MT, with 5,000-25,000 MT for soy oil. Per wire surveys, US soybean stocks on June 1 are seen at 1.861 bbu, a 642 mbu jump from last year if realized. Wednesday’s Stats Canada report showed Canola acreage intentions at 21 million acres, down 8.2% from last year due to trade friction with China and the world surplus in soybeans.

Jul 19 Soybeans closed at $8.94 1/4, down 9 1/4 cents,

Aug 19 Soybeans closed at $8.99 3/4, down 9 cents,

Sep 19 Soybeans closed at $9.06, down 8 1/2 cents,

Jan 20 Soybeans closed at $9.30, down 8 1/4 cents,

Jul 19 Soybean Meal closed at $313.40, down $2.30,

Jul 19 Soybean Oil closed at $27.81, down $0.19

--provided by Brugler Marketing & Management




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