Soybeans are posting lower trade on Thursday morning with contracts down 3 to 5 cents. Bulls took a breather on Wednesday, as contracts were down 9 ¼ to 19 ½ cents across the board. Soymeal also pulled back with contracts down $1.80 to $5.50/ton on the day. Soy Oil posted losses of 49 to 71 points after a couple rally days.  

The dam has broken on May meal delivieres, with another 226 put out overnight, all by a StoneX customer.  BO deliveries also expanded as Bunge changed its mind and put out 728 contracts stopped earlier in the month.  There were only 5 contracts put out vs. May soybeans, which are up to current date.   

Weekly Export Sales data will be updated this morning, with traders expecting to see between 250,000 and 600,000 MT of old crop bookings in the week that ended on May 2. New crop sales are expected to be in a range of 0-100,000 MT. Soy meal bookings are seen in a range of 100,000-400,000 MT, as bean oil sales ideas are running between net reductions of 5,000 to sales of 12,000 MT.

Ahead of USDA’s WASDE release on Friday, traders are expecting to see 49.7 MMT for Argentina soybean production, compared to the 50 MMT from last month. Brazil’s output is expected to be cut by 2.5 MMT to 152.5 MMT. 

May 24 Soybeans  closed at $12.12 3/4, down 19 1/2 cents, currently down 3 cents

Nearby Cash  was $11.66 3/4, down 19 3/4 cents,

Jul 24 Soybeans  closed at $12.27 3/4, down 18 3/4 cents, currently down 3 1/4 cents

Nov 24 Soybeans  closed at $12.13, down 15 cents, currently down 4 1/4 cents

New Crop Cash  was $11.56 3/4, down 15 cents,