Soybeans

Soybean futures are currently fractionally lower after seeing gains of 4 to 5 cents in most contracts on Wednesday. Nearby soy meal was up $4.50/ton, with soy oil down 14 points. There have still been zero deliveries against the August meal futures. The oldest long is dated March 21. The Chinese Dalian Exchange saw domestic soybean futures prices up 3.95% on Wednesday. Trade estimates are running 100,000-400,000 MT for old crop soybean sales in the week of 8/2 and 300,000-600,000 MT for new crop ahead of Thursday’s Export Sales report. Soy meal is seen at 40,000-250,000 MT, with soy oil expected to range 8,000-34,000 MT. Traders in a Bloomberg survey are estimating that the Brazil production number will be 119.3 MMT (-0.2) on Friday, with Argentina at 36.7 MMT (-0.3).




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