Current soybean prices are 4 to 3 ¾ cents lower ahead of the weekly Export Sales report and the USDA Grain Stocks and Planting Intentions reports scheduled for 11 AM CDT. Soy Oil futures closed more than 70 points weaker with 1.5% losses. Beans were down by 4 ¾ to 7 ½ cents across the front months on Wednesday. Preliminary OI dropped a modest 1,355 contracts on position squaring ahead of the USDA reports and end of quarter. Soymeal futures closed the day off the session highs with 80 cent losses to $1 losses. Chinese soy meal prices continue to slide, and crush margins are also under pressure.

Pre-report estimates have old crop bean export sales coming in between 300k MT and 700k MT for the week that ended 3/21. Traders are looking for new crop export bookings to be below 50k MT. The Export Sales report is expected to show soymeal sales between 150k MT and 350k MT. Soy oil bookings are expected to be below 10k MT for the week.

Estimates have USDA set to report soybean stocks at 1.835 bbu. That would be 149 mbu looser yr/yr, as Q2 disappearance is expected to be 172 mbu below last year. Q1 demand was a 4-yr low when shown in the Jan report. 

Survey respondents are looking for USDA to report soybean acreage intentions at 86.7m acres on average. That would be 3.1m above last year’s area, but is under the 87.5m Outlook Forum assumption. The full range of public estimates is from 84.3m to 89 million acres. 

May 24 Soybeans  closed at $11.92 1/2, down 6 1/2 cents, currently down 3 1/2 cents

Nearby Cash   was $11.35 1/8, down 6 3/8 cents,

Jul 24 Soybeans  closed at $12.06 1/2, down 6 cents, currently down 3 1/2 cents

Nov 24 Soybeans  closed at $11.83 1/2, down 7 1/2 cents, currently down 3 1/2 cents