Market Update

Soybean futures slipped to a one-week low this morning, falling sharply overnight. This bearish move was caused primarily by rapid planting across the Heartland, and diminished orders from China. Price declines were partly tempered by the decreased projection for Argentina’s 2022/23 soybean crop.

The CME values were mixed as we approached the end of the week. Corn is down $0.1175 to $5.82/st. which is led by losses in the old crop futures. Soybeans held firm and are up $0.0150 to $14.05/st. Soymeal was stronger by $11.90 to $431.40/st while wheat was lower by $0.14 to $6.27/st because the rain in the plains is leading to some additional downward pressure.

Weekly Export Sales – Released May 11, 2023

Weekly soybean export sales for May 4^th in the 2022/23 marketing year were 62.2 thousand metric tons (TMT), 227.6 TMT below last week’s total and 60.8 percent down from the prior four-week average of 234.3 TMT. There…