Beans Close Mixed on Thursday

The Thursday session left the front soybean futures mixed. Old crop contracts were down 1 and 1 1/2 cents at the close while November new crop beans were fractionally higher. Soybean meal futures were $1.70 to $2.30/ton higher at the closing bell. Soy oil futures closed with 21 point losses. Traders anticipate USDA’s weekly update will show between 400,000 and 900,000 MT of old crop bean export sales. New crop soybean bookings are estimated between 200k and 500k MT. Traders are looking for soymeal bookings to range 100-350k MT for the week ending May 21. Soybean oil sales are estimated at 5,000 to 30,000 MT. The National Grain and Oil Information Centre in China reported soybean crush from last week was 2.1 MMT, which was a weekly record for the nation and up 190,000 wk/wk. IGC raised their estimate for World soybean ending stocks by 2 MMT to 42 MMT.

Jul 20 Soybeans closed at $8.47, down 1 1/2 cents,

Aug 20 Soybeans closed at $8.49 1/4, down 1 cent,

Sep 20 Soybeans closed at $8.50 1/2, unch,

Nov 20 Soybeans closed at $8.56, up 1/2 cent,

Jul 20 Soybean Meal closed at $284.30, up $2.30

Jul 20 Soybean Oil closed at $27.39, down $0.21

--- provided by Brugler Marketing & Management

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