Soybeans were fractionally lower on the open last night and are trading 7 to 8 cents higher going into the USDA Export Sales release.  Bean futures settled 1 ½ to 5 1/2 cents lower on Wednesday, with November the weakest on a generally benign Corn Belt weather forecast. Soymeal was seeing a little bottom picking, settling $2.50 to $4.40 per ton higher but also more than $6 below the highs of the day.  Soy Oil settled close to where it was at midday, down 47 to 49 points. 

Trade estimates for US soybean export sales in the week ending May 30 are running 175,000 to 600,000 MT for old crop, with new crop expected to see no more than 200,000 MT. Meal ideas are running 100,000 to 350,000 MT, with negligible 2024/25 business.  Soy oil ideas are running anywhere from net negative 5,000 tonnes to a positive 12,000 MT. While the spread has narrowed, US export beans are still $5 to $10/MT higher than South American offerings out into August. US monthly exports don’t usually exceed Brazilian totals until October.  Argentine producers ramped up bean sales aggressively during the May futures rally, but some estimates still have them with less than 40% of their crop committed. 

Consultant Michael Cordonnier has raised his estimated US soybean acreage 300,000 (to 86.8 million) due to the corn planting delays in the WCB. 

Jul 24 Soybeans  closed at $11.77 1/4, down 1 3/4 cents, currently up 8 3./4

Nearby Cash  was $11.20 7/8, down 1 5/8 cents,

Aug 24 Soybeans  closed at $11.74 1/4, down 3 1/4 cents,

Nov 24 Soybeans  closed at $11.50 1/2, down 5 1/2 cents, currently up 7 ¾ c

New Crop Cash  was $10.94 1/8, down 5 cents,