Soybeans Down Double Digits at Midday

Soybean futures are down 10 to 10 1/4 cents in the front months on Wednesday, with expiring Aug down 2 1/2 cents. August soybean meal is unch/ton, with August soy oil steady ahead of expiration. Parts of the WCB are expected to receive significant rainfall over the next 7 days while the ECB sees more limited quantities. A Reuters poll shows estimates of 50,000-300,000 MT for old crop and 100,000-400,000 MT for new crop ahead of Thursday’s USDA Export Sales report. Total soybean meal sales estimates are 175,000 –400,000 MT, with soy oil at 8,000-32,000. The Argentine peso weakened on Monday and again on Tuesday, reaching more than 58 to the dollar before firming into the close. It is weaker again on Wednesday, cheapening their beans vs. US offers.

AUG 19 Soybeans are at $8.69 1/2, down 2 1/2 cents,

SEP 19 Soybeans are at $8.66, down 10 1/4 cents,

NOV 19 Soybeans are at $8.78 3/4, down 10 1/4 cents,

JAN 20 Soybeans are at $8.92, down 10 cents,

AUG 19 Soybean Meal is at $297.80, unch,

AUG 19 Soybean Oil is at $29.17, unch,

---provided by Brugler Marketing & Management

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