Soybean futures are fractionally lower after closing 8 to 10 1/4 cents higher on Wednesday in most contracts. Nearby July soybean meal was up $1.20/ton, with soy oil 9 points higher. US 2019 soybean production is expected to be reduced in Thursday’s USDA balance sheet update, with trade estimates averaging 3.866 bbu in a Bloomberg survey of analysts (-284 from June). The main reason for that would be the drop to acreage seen in the June 28 report, but yield on average is also seen a dropping 1 bpa to 48.5 bpa. This morning’s USDA Export Sales report is expected to show 200,000-400,000 MT of 18/19 soybean sales in the week ending July 4, with 2019/20 sales pegged at 50,000-350,000 MT. Meal bookings are expected in the range of 50,000-300,000 MT, with soy oil at 5,000-25,000 MT.
--provided by Brugler Marketing & Management