Soybeans are struggling on Thursday, as contracts are down 10 to 17 cents at midday, and November threating the slip below $12. Soymeal futures are down $3.90 to $4.10/ton. Soy Oil is also falling at midday, with triple digit losses of 121 points on Thursday.  

The dam has broken on May meal deliveries, with another 226 put out overnight, all by a StoneX customer.  BO deliveries also expanded as Bunge changed its mind and put out 728 contracts stopped earlier in the month.  There were only 5 contracts put out vs. May soybeans, which are up to current date.   

Weekly Export Sales data saw old crop bookings at 428,898 MY during the week that ended on May 2, a 4-week high. Unknown destinations was the buyer of 168,800 MT, with Egypt purchasing 70,800 MT. New crop sales were just 4,580 MT. Soy meal bookings were tallied at 209,266 MT for 23/24 and 19,209 MT for 24/25. Bean oil sales were seen at 11,581 MT, for the current MY, with 4,582 MT for next year.

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. 

Chinese Soybean imports totaled 8.57 MMT in April, a 54.7% increase from the March tally and 18% larger than last year.

May 24 Soybeans  are at $11.97 1/4, down 15 1/2 cents,

Nearby Cash  is at $11.49 5/8, down 17 1/4 cents,

Jul 24 Soybeans  are at $12.10 1/2, down 17 1/4 cents,

Nov 24 Soybeans  are at $12.00 3/4, down 12 1/4 cents,

New Crop Cash  is at $11.43 1/1, down 12 5/8 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.