Soybeans Showing Weakness on Thursday

Soybeans are trading with 3 to 4 cent losses across most contracts at midday. The cmdtyView national average Cash Bean price is down 3 ¾ cents at $9.70 3/4. Soymeal futures are down $2 on Thursday, with Soy Oil futures 75 points lower.

Export Sales data tallied 189,184 MT in old crop net reductions in the week ending on August 21 on the lower side of estimate calling for net reductions of 200,000 MT to sales of 50,000 MT.  New crop sales were tallied at a MY high and exceeded the trade ideas of between 0.45 and 1 MMT at 1.373 MMT. That was 20.1% above last week, with the marketing year total at 1.373 MMT.

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Soybean meal sales were tallied at 262,047 MT combined between the marketing years, between estimates of 125,000 MT and 450,000 MT, as 47,277 MT was for the current MY and 214,770 MT for the next year. Soybean oil sales were at 18,485 MT, exceeding trade ideas of 0 to 14,000 MT.

Statistics Canada estimates the country’s soybean crop at 7.016 MMT, which is down 7.3% from last year. Canola production is pegged at 19.94 MMT, a 3.6% increase from last year. Estimates were running 20.3 MMT.

Sep 25 Soybeans  are at $10.23 3/4, down 3 1/2 cents,

Nearby Cash  is at $9.70 3/4, down 3 3/4 cents,

Nov 25 Soybeans  are at $10.43 1/2, down 4 cents,

Jan 26 Soybeans  are at $10.63 3/4, down 3 cents,

New Crop Cash  is at $9.64 1/1, down 3 3/4 cents,

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. This article was originally published on Barchart.com

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