Soybeans See More Selling On Brazil Estimates
BRUG - Wed Apr 17, 4:38PM CDT

Soybean futures were down 7 3/4 to 9 1/4 today, following double digit losses on Tuesday. Meal futures are down another $2.60/ton and May soy oil was 261 points lower. Analysts with Brazilian consultancy Celeres expect the country’s 2018/19 soybean crop to total 115.8 MMT, up 2 MMT from their prior projection. Thursday’s USDA Export Sales report is expected to show 350,000-800,000 MT in old crop soybean bookings for the week of 4/11, with new crop at 0-60,000 MT. Meal sales are seen at 125,000-325,000 MT, with soy oil at 8,000-30,000 MT. Soybean exports throughout February were the 5th largest monthly total on record, 4.577 MMT. That was up 8.65% yr/yr, but down 5.2% from January. Shipments to China were slightly larger than in 2018.

May 19 Soybeans closed at $8.79, down 9 cents,

Jul 19 Soybeans closed at $8.92 1/2, down 9 1/4 cents,

Aug 19 Soybeans closed at $8.98 1/2, down 9 cents,

Sep 19 Soybeans closed at $9.03 1/2, down 8 cents,

May 19 Soybean Meal closed at $0.00, down 2 3/5,

May 19 Soybean Oil closed at $0.00, down 13/50

--provided by Brugler Marketing & Management

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