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Soybeans saw late Wednesday weakness, with contracts closing 1 ¼ lower to 1 ¾ cents higher. The cmdtyView national average Cash Bean price was down 1 1/4 cents at $11.27. Soymeal futures was up 20 cents to $2.30, with Soy Oil futures 4 to 90 points higher on Wednesday.
Export Sales data will be out on Friday, due to the Monday holiday.
The weekly Crop Progress report from NASS showed the US soybean crop at 79% planted by May 24, still well above the 68% average pace for this time of year. Emergence was at 49% vs. 40% on average. Just MI and OH were reported to lag behind their average planting pace, with WI behind normal for emergence. Condition ratings will start next week.
Brazil’s ANEC estimate the country’s May soybean exports at 15.9 MMT, a drop of 0.2 MMT from last week’s estimate. May soybean exports from Brazil last year were at 14.09 MMT
On the date of publication,
Austin Schroeder
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.
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