Soybean Market Down Double Digits on Trade Concerns

Soybean futures are 10 to 12 cents lower at midday after failing to crack technical resistance earlier in the week and retreating yesterday. Soymeal is down $3.80/ton, with bean oil 39 points lower. Weather forecasts show a planting window for some, but too brief for others to get dried out. USDA reported 110,000 MT of soybeans sold to Egypt spread across both the current and next year shipping slots. China’s President Xi described President Trump as his friend and suggested that multi-lateral trade is still desirable. The US and China are said to be holding some talks today involving Secretary Mnuchin. April US soybean exports according to Census were 2.399 MMT (88.16 mbu), which was the second largest April figure on record. Meal exports in April were a monthly record 1.27 MMT.

Jul 19 Soybeans are at $8.56, down 12 3/4 cents,

Aug 19 Soybeans are at $8.62 1/2, down 12 3/4 cents,

Sep 19 Soybeans are at $8.69 3/4, down 12 1/2 cents,

Nov 19 Soybeans are at $8.83, down 12 1/4 cents,

Jul 19 Soybean Meal is at $311.90, down $4.00,

Jul 19 Soybean Oil is at $27.35, down $0.41

--provided by Brugler Marketing & Management




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