Market Overview

Soybeans Little Changed

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July Soybeans are trading at 937 1/4, down 2 3/4 cents and November Soybeans are trading at 904 1/4, down 4 1/2 cents. July Soymeal is trading at 313.7, up 0.3 and July Soybean Oil is trading at 33.26, down 0.03. On Thursday the USDA reported that weekly soybean export sales were 553,300 tonnes. Soymeal export sales were 179,600 tonnes. Soybean Oil export sales were 3,400 tonnes. Market chatter that Brazil's Conab has estimated the soybean crop at a little over 96 million tonnes versus 95.07 million on the previous forecast Is making the rounds. The USDA estimate on Wednesday was 94.5 million. Chatter is also making the rounds that Argentina's Rosario Grain Exchange updated production to a little over 60 million tonnes versus the USDA's estimate of 59.5 million.

 

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