Soybean bulls took a breath on Wednesday, as contracts were down 9 ¼ to 19 ½ cents across the board at the close. Soymeal also pulled back with contracts down $1.80 to $5.50/ton on the day. Soy Oil posted losses of 49 to 71 points to revert back to some recent weakness.   

Weekly Export Sales data will be updated on Thursday morning, with traders expecting to see between 250,000 and 600,000 MT of old crop bookings in the week that ended on May 2. New crop sales are expected to be in a range of 0-100,000 MT. Soy meal bookings are seen in a range of 100,000-400,000 MT, as bean oil sales are estimated between net reductions of 5,000 to sales of 12,000 MT.

Ahead of USDA’s WASDE release on Friday, traders are expecting to see 49.7 MMT for Argentina soybean production, compared to the 50 MMT from last month. Brazil’s output is expected to be cut by 2.5 MMT to 152.5 MMT. 

May 24 Soybeans  closed at $12.12 3/4, down 19 1/2 cents,

Nearby Cash  was $11.66 3/4, down 19 3/4 cents,

Jul 24 Soybeans  closed at $12.27 3/4, down 18 3/4 cents,

Nov 24 Soybeans  closed at $12.13, down 15 cents,

New Crop Cash  was $11.56 3/4, down 15 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.