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Soy Market Mixed to Mostly Lower

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Soybean futures ended the mid-week session 3/4 of a cent higher in Sept contracts, but losses of as much as 5 1/4 cents in the other front months. Soybean meal futures were left $10.40/ton lower in May, with the other front months $1.90/ton and $6.3/ton lower. May bean oil futures were 9 to 16 points higher. Private exporters announced that South Korea had purchased 20,000 MT of soybean oil for a 19/20 MY delivery. Traders are anticipating tomorrow’s Export Sales report to show 400k to 800k MT of soybean sales, with an additional 0 to 100k MT of new crop sales. Soybean meal sales are estimated to range 100-350k MT. Trader estimates for soybean oil sales are 8k to 30k MT, with 0 to 5,000 MT more for next MY. The average trade estimate ahead of the Planting Intentions report appears to be 85 million acres of soybeans, up 12% yr/yr.

May 20 Soybeans closed at $8.81 1/2, down 5 1/4 cents,

Jul 20 Soybeans closed at $8.84 3/4, down 2 3/4 cents,

Aug 20 Soybeans closed at $8.85 1/2, down 1 cent,

Sep 20 Soybeans closed at $8.79, up 3/4 cent,

May 20 Soybean Meal closed at $321.70, down $10.40

May 20 Soybean Oil closed at $26.64, up $0.09

--- provided by Brugler Marketing & Management

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