Soybeans 8 to 9 Lower on Poor Export Prospects

Soybean futures are 8 to 9 cents lower on Thursday morning after showing 11 to 12 cent losses in the nearby contracts on Wednesday. Soy meal was down $3.30/ton, with bean oil down 27 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 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. President Trump is also threatening to implement the tariffs on the final $300 billion in Chinese exports to the US.

--provided by Brugler Marketing & Management




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