Soybeans are 1 to 2 cents lower thus far on Thursday morning. Soybean futures closed 3/4 to 3 1/2 cents lower in the front months on Wednesday. Long liquidation was a theme, with preliminary open interest down 6,368 contracts. Meal closed the day $1.10 to $1.40 lower. There were 259 deliveries against August soymeal overnight. There were none vs. bean oil or soybeans, with the oldest bean long still in December 2019. Soybean oil closed 10 to 17 points higher yesterday. Traders estimate weekly bean bookings between 200k and 550k MT ahead of the Export Sales report. New crop soybean sales are estimated between 0.6 and 1.2 MMT. Soymeal and soybean oil sales are estimated to be at least 100,000 MT and 5,000 MT respectively. Official US soybean exports in June were 1.8 MMT. That was 9% lower than May and down by 45% from June ’19. Meal exports were up 7.8% from May with 1.07 MMT shipped. Bean oil exports were the second lowest in the MY at 76,052 MT. MYTD oil shipments are still the largest through June since the 2009/10 MY.

--- provided by Brugler Marketing & Management