JULY SOYBEANS (electronic ok)

(5/11): Soybeans ended sharply lower on fund and technical liquidation. The soy complex was pummeled by the funds as record long positions all rushed for the door at once with technical selling by the trend following funds forcing more length out of the markets with beans falling to 1 ½-month lows, analyst Kim Rugel said on Benson Quinn Commodities’ web site. Still, the near term fundamentals remain bullish with unknown destinations buying 139,500 tons of old crop U.S. beans ahead of the open, Brownfield Ag News reported.

JULY SOYBEANS (electronic ok)

(5/10): Soybeans closed higher on commercial and fund buying, Brownfield Ag News reported. USDA made a bigger than expected cut to old crop ending stocks and the new crop was smaller than expected. USDA sees new crop exports at 1.51 billion bushels, up around 200 million on the year, and China’s expected to buy more than 60 million tons. Soybean meal and oil were higher, following the lead of beans. Weekly soybean export sales were pegged at 466,500 tons (17.1 million bushels), a 22% decrease from the week before and 19% under the four week average.

Soybean growers in Brazil, the world’s second-largest producer, will harvest more than previously forecast, the government said.

The outlook for the crop year that started Sept. 1 was raised to 66.7 million metric tons from 65.6 million tons estimated on April 10, the Agriculture Ministry’s crop- forecasting agency, known as Conab, said in a report today. Production will fall from 75.3 million tons in the previous crop year.

Soybeans rose the most in two weeks after the U.S. forecast a 31 percent plunge in domestic inventories next year, as drought damage in South America boosts demand for supplies from the Midwest.

Reserves will drop to 145 million bushels (3.94 million metric tons) on Aug. 31, 2013, from an estimated 210 million this year, the U.S. Department of Agriculture said today in a report. The average estimate of analysts surveyed by Bloomberg was 172 million bushels. U.S. exports will jump 14 percent to make up for smaller crops in Brazil and Argentina this year and rising global demand, the USDA said.