Soybeans Double Digits Lower at Midday

Soybean futures are trading 11 to 13 cents lower the front months on Wednesday. August soybean meal is down $1.80/ton lower, with soy oil down 43 points. Trade talks concluded on Tuesday, with another round set for early September in DC. USDA reported a private export sale of 104,500 MT soybeans to unknown destinations, with 500 MT for 18/19 and the balance for 19/20. Thursday’s weekly Export Sales report is expected to show old crop bookings at net reductions of 50,000 MT to net sales of 250,000 MT. New crop is seen at 150,000-450,000 MT for the week of July 25. Meal sales are seen at 150,000-450,000 MT, with soy oil at 5,000-35,000 MT. Ahead of Thursday’s Fats & Oils report, analysts expect USDA to show June soybean crush at 159.4 mbu. Stocks are seen at 1.946 billion lbs.

AUG 19 Soybeans are at $8.67 1/4, down 11 1/2 cents,

SEP 19 Soybeans are at $8.71 1/4, down 13 cents,

NOV 19 Soybeans are at $8.84, down 12 3/4 cents,

JAN 20 Soybeans are at $8.97 3/4, down 12 1/4 cents,

AUG 19 Soybean Meal is at $298.50, down $1.80,

AUG 19 Soybean Oil is at $27.88, down $0.43

--provided by Brugler Marketing & Management




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