Soybeans Lower at Midday

Soybean futures are trading 4 to 5 1/2 cents lower in the front months on Thursday. July soy meal is down 20 cents/ton, with soybean oil 48 points lower. The second round of MFP payments $16 billion, with $14.5 billion direct payments to producers. The rates (released at a later time) will be calculated on a county basis, based off trade damages. Payments will be based off aggregate acres of the affected crops, and not the individual commodity as to “not distort planting decisions.” The Export Sales report released this morning showed 535,848 MT of old crop soybeans sold during the week of May 16. That was a 44.5% jump from last week and well above last year for this time. Unknown destinations purchased a total of 255,500 MT. New crop sales totaled just 5,100 MT. Meal sales totaled 300,059 MT, with soy oil at 9,088 MT.

Jul 19 Soybeans are at $8.23, down 5 1/2 cents,

Aug 19 Soybeans are at $8.30 1/4, down 5 1/4 cents,

Sep 19 Soybeans are at $8.37 1/2, down 4 3/4 cents,

Nov 19 Soybeans are at $8.49 3/4, down 5 1/2 cents,

Jul 19 Soybean Meal is at $298.10, down $0.20

Jul 19 Soybean Oil is at $26.83, down $0.48

--provided by Brugler Marketing & Management

Market Commentary provided by:

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