Soybeans 5 to 8 Higher

Beans are 5 to 8 cents higher ahead of the weekly Export Sales report. On Wednesday, soybean futures were 1 to 5 3/4 cents lower. Soymeal futures had losses of $1.50 to $1.70/ton. Bean oil futures were 30 to 33 points lower at the closing bell. Ahead of USDA’s weekly Export Sales report, trade estimates are for 300-800,000 MT of old crop soybean sales and 0.4-1 MMT for new crop. Soymeal sales are estimated between 75,000 and 250,000 MT, with 5k to 25k MT for oil. A pre-report poll of analysts suggests traders expect a 0.7 MMT cut to 123.3 MMT for Brazil’s production. CONAB’s July estimate is 120.9 MMT. Argentina soybean oil export prices posted a 3 month high $684.8/MT (2.2 c/lb) after the EU purchased 3 cargoes of biodiesel.

--- provided by Brugler Marketing & Management

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