Soybeans slipped lower into the Thursday close, as contracts were down 2 to 7 cents on the day. Soymeal futures was front months with a dime to $1.50 lower trade and other contracts steady to $1.10. Soy Oil saw losses of 24 to 69 points as the trade closed out the session. 

Export Sales data showed 279,402 MT of soybeans booked in the week that ended on May 16, back up from the previous week and sneaking into the 275,000-550,000 MT range of estimates.  Japan was the buyer of 73,500 MT, with unknown destinations in for 70,700 MT. New crop sales were still weak at 65,500 MT, with 60,000 MT to unknown destinations. 

Soybean meal sales were below the estimates, with 23/24 bookings at 145,315 MT in that week and 51,437 MT for 24/25 sales. Soybean oil sales were at net reductions of 1,041 MT for 23/24 and 4,038 MT for 24/25 sales.

An update to the International Grains Council numbers on Thursday showed world bean production up 1 MMT to 414 MMT from the previous month. Consumption remained the same, with stocks up 3 MMT to 78 MMT on higher carry over from the previous MY.

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 $12.39 1/4, down 7 cents,

Nearby Cash  was $11.79, down 6 5/8 cents,

Aug 24 Soybeans  closed at $12.37 3/4, down 5 1/2 cents,

Nov 24 Soybeans  closed at $12.16, down 2 1/4 cents,

New Crop Cash  was $11.60 1/2, down 2 3/8 cents,