The soybean market continued to feel pressure all the way to Wednesday’s close, with contracts 18 to 21 ½ cents on the day. The cmdtyView national average Cash Bean price was down 21 cents at $9.79 1/4. Soymeal futures were $2.80 to 4.80/ton lower. Soy Oil was down 22 to 35 points on the day.
The forecast continues to look less threatening to the US, with rains of at least an inch from 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 set to be released on Thursday morning, with traders expecting to see between 200,000 and 600,000 MT of soybeans 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 soybean meal are estimated between 100,000 and 650,000 MT, with net reductions of 10,000 MT to net sales of 34,000 MT for soybean meal.
The June Acreage report will be out on Monday with the trade looking for 83.5 million acres of soybean planted this spring, which matches the March Planting Intentions report. The range of estimates is 82 to 85 million acres.
Jul 25 Soybeans closed at $10.25 1/4, down 21 1/2 cents,
Nearby Cash was $9.79 1/4, down 21 cents,
Aug 25 Soybeans closed at $10.29 1/2, down 20 3/4 cents,
Nov 25 Soybeans closed at $10.18 1/2, down 18 1/2 cents,
New Crop Cash was $9.65 1/4, down 18 1/4 cents,
