Soybeans

Soybean futures are trading sharply lower on Wednesday, as most front months are down 35 3/4 to 37 1/4 cents.July 17 soy meal is $14.30 in the red, as soy oil is 35 points lower in the front month. The USDA indicated 16/17 soybean export sales of 228,041 MT for the week of July 6, with new crop sales blowing expectations out of the water for a change at 455,000 MT. Total sales were 55.7% larger than a week ago but are still 25% lower than last year. Soy meal sales came in at 140,715 MT, with most of that coming from 17/18 sales. That was 75.5% larger than last week but 24.8% lower than this time last year. Soy oil sales were at 16,164 for 16/17, more than double last week but 10.5% behind last year. The US and World Supply and Demand report showed 17/18 US ending stocks shifting 35 mbu lower to 460 mbu with less carryover from 16/17. US ending stocks from 16/17 were lowered via a 50 mbu increase in exports. Chinese customs data shows that the country imported 44.81 MT during the first half of the year, a 14.2% increase yr/yr.

Jul 17 Soybeans are at $9.91 1/2, down 25 1/4 cents,

Aug 17 Soybeans are at $9.85, down 35 3/4 cents,

Sep 17 Soybeans are at $9.88 1/2, down 36 3/4 cents,

Nov 17 Soybeans are at $9.96 3/4, down 37 1/4 cents,

Jul 17 Soybean Meal is at $320.10, down $14.30

Jul 17 Soybean Oil is at $33.08, down $0.35




Market Commentary provided by:

Brugler Marketing & Management LLC
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