Soybeans and Products Dip on Slow Sales

Soybean is trading 6 cents lower, with nearby meal futures down $2.50/ton and May soy oil down 16 points. This morning’s Export Sales report showed a weak sales total of 270,376 MT in the week that ended on 4/4, well below estimates. That was well below last week’s total and more than 5 times smaller than the same week last year. The top buyer was Indonesia at 73,700 MT, with China showing a net reduction of just 1,108 MT. Total new crop sales were shown at 9,980 MT. Soy meal sales were tallied at 152,143 MT, with soy oil at 33,834 MT. Brazil’s soybean production for 18/19 was estimated at 113.82 MMT by CONAB this morning, a revision of 366,000 MT higher than their previous number and still well below USDA and most of the private estimates.

May 19 Soybeans are at $8.95 1/2, down 6 1/2 cents,

Jul 19 Soybeans are at $9.09, down 6 1/4 cents,

Aug 19 Soybeans are at $9.14 1/2, down 6 1/2 cents,

Sep 19 Soybeans are at $9.19 1/4, down 6 cents,

May 19 Soybean Meal is at $307.60, down $2.50,

May 19 Soybean Oil is at $28.91, down $0.16

--provided by Brugler Marketing & Management

Market Commentary provided by:

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