Soybeans experienced losses of 5 to 10 cents in trading on May’s final session, with nearby futures failing to breach the $12 mark. The cmdtyView national average cash bean price is currently at $11.25 3/4, reflecting a rise of 9 1/2 cents. Soymeal futures decreased by $3.70 to $4.50, while soy oil futures saw a modest increase of 100 to 104 points. Influencing these movements, crude oil prices dropped by $2.08 per barrel amidst speculation about a US-Iran agreement.
The USDA reported a private export sale of 192,000 metric tons (MT) of soybeans to unknown destinations, consisting of 60,000 MT for the old crop and 132,000 MT for the new crop. Additionally, export sales data indicated 299,899 MT of old crop bean sales for the week ending May 21, exceeding last year’s numbers but falling within the estimated range. New crop bean sales totaled 137,708 MT.
Upcoming soybean crush data for April is expected to report usage at 214.7 million bushels, with soybean oil stocks anticipated at 2.365 billion pounds. Currently, July soybeans are priced at $11.85, while nearby cash stands at $11.25 3/4.
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