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Soybeans Market Commentary

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Soybean futures are currently 1 1/2 to 4 cents lower. They settled 6 to 7 cent lower yesterday. There was a little light long liquidation on Thursday, with preliminary open interest down 2,386 contracts. Nearby soy meal was down $3.10/ton, with soy oil 3 points lower. Old crop soybean export sales totaled 421,841 MT in the week that ended on August 2, as new crop sales were at 532,540 MT. Soybean exports were heavier than normal for this time of the year at 1.016 MMT. The average trade estimate for today’s WASDE report has old crop world ending stocks at 95.9 MMT, while new crop carryout is seen at 99.5 MMT. CONAB’s monthly crop report bumped their Brazilian soybean production estimate to 118.99 MMT, matching USDA’s July number.

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