Soybean Market News and Commentary

Soybean futures are mostly 1 1/4 cent per bushel lower ahead of the weekly Export Sales report. They saw 2 to 3 1/2 cent gains in most contracts on Wednesday. Nearby meal futures were up $1/ton, with soy oil 3 points higher. The weekly Export Sales report is expected to show 0.8-1.15MMT in old crop soybean sales today, with new crop at 0-100,000 MT. USDA did revise 17/18 Brazil production to 122 MMT on Tuesday, up 1.2 from the March report, with 18/19 @ 117 MMT. AgRural now estimates the Brazilian soybean 18/19 crop at 114.6 MMT, up 1.7 from their previous number, with updated CONAB estimates due today. Argentina’s soybean crop is seen at 56 MMT by the Rosario Grain Exchange, 2 MMT higher than their prior estimate. USDA is at 55 MMT.

--provided by Brugler Marketing & Management

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