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Soybean Market Mixed Ahead of Export News

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Soybean futures are 2 cents lower to 2 cents higher this morning, with the 2021 contracts the firmest. Soybeans ended the Wednesday session mixed, but with losses of as much as 5 1/4 cents in May. Soybean meal futures were $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 points higher. Traders are anticipating USDA’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 @ 100-350,000 MT. Trader estimates for soybean oil sales are 8k to 30k MT. The average trade estimate ahead of the Planting Intentions report appears to be 85 million acres for soybeans, up 12% yr/yr.

--- provided by Brugler Marketing & Management

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