Soybeans are posting 5 to 7 cent higher trade ahead of the weekly USDA Export Sales release. They turned back higher on Wednesday, with contracts up 4 to 10 cents across most months led by the nearbys. Soymeal futures were up $2 to $5.90/ton across most contracts on the midweek session. Soy Oil saw marginal gains of 2 to 7 points in the front months, with deferred contracts 3 to 17 points lower. Nearby July BO posted a 5 week high before profit taking sellers knocked it down. 

Weekly Export Sales data released by the USDA this morning are expected to show 275,000-550,000 MT of old crop soybean sales for the week that ended on 5/16. New crop sales are estimated in a range of 0-200,000 MT. Soybean meal sale estimates are running 200,000-600,000 MT, with soybean oil zero to 30,000 MT.

Regional precip of up to 1 inch is centered over parts of IA and NE, as well as of ND and northern MN for through Saturday, with the ECB remaining relatively dry. Beyond that for Sunday and Monday, much of the Corn Belt from southeast NE through IA/MO and on East is expected to see 1-2 inches.

Freight operators reduced projected Brazilian soybean exports for the month to 13.83 MMT from an earlier 14.13 MMT. They shipped about 4% more in May 2023, but this would still be a larger quantity than the US has ever shipped in a single month. 

Jul 24 Soybeans  closed at $12.46 1/4, up 10 cents, currently up 7 cents

Nearby Cash  was $11.86 5/8, up 10 3/8 cents,

Aug 24 Soybeans  closed at $12.43 1/4, up 9 1/4 cents, currently up 7 cents

Nov 24 Soybeans  closed at $12.18 1/4, up 5 1/4 cents, currently up 5 1/2 cents

New Crop Cash  was $11.62 7/8, up 5 1/4 cents,