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Soybean Market Off 2 to 3 Cents

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Soybeans are trading 2 to 3 cents lower this morning, extending losses from Thursday. Old crop futures closed Thursday down by double digits. Yesterday, new crop beans were also lower, down by 4 1/2 to 8 1/2 cents. July soybean meal futures were down $3/ton. Front month soy oil closed 23 to 25 points lower. Malaysian palm oil futures (July) closed 50 ringgits higher at 2,226. USDA’s Export Sales update showed 1.2 MMT of old crop soybeans were sold in the week ending May 14. New crop sales added 464,000 MT to the total for a 29 week high in combined soybean export bookings. Of the week’s sales, 61% were to China. Soymeal sales were 198,820 MT, for the week ending May 14. Bean oil bookings were 62,081 MT on the week, with big sales to South Korea and China.

--- provided by Brugler Marketing & Management

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