Soybeans Lower on Pressure from the Grain Complex

Soybean futures are trading 10 to 11 cents lower in the nearby contracts. Soy meal is down $2.70/ton, with bean oil down 30 points. Forecasts for the next few days show areas of dryness to allow for some planting progress. Analysts with IEG Vantage estimate that 2019 US soybean planted acres will total 85.037 million, with a projected national average yield at 51.1 bpa. The USDA Export Sales report on Thursday is expected to show 200,000-500,000 MT of old crop soybeans sold in the week ending May 30, with 50,000-25,000 MT for new crop. Soy Meal sales are seen at 100,000-350,000 MT, with soy oil at 8,000-25,000 MT.

Jul 19 Soybeans closed at $8.69 3/4, down 12 cents,

Aug 19 Soybeans closed at $8.76 1/4, down 12 1/2 cents,

Sep 19 Soybeans closed at $8.83 3/4, down 12 1/4 cents,

Jan 20 Soybeans closed at $9.10 1/2, down 11 1/4 cents,

Jul 19 Soybean Meal closed at $317.70, down $3.30,

Jul 19 Soybean Oil closed at $27.22, down $0.27

--provided by Brugler Marketing & Management




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