Soybeans End Little Changed With Product Markets Lightly Mixed: Soybeans were higher overnight in follow through trading, but both July and November had resistance above respective 50 day moving averages, which left futures just below unchanged at the close. Commodity fund traders were sellers of 500 soybean and 2,000 soymeal contracts, and bought of 1,000 contracts in soyoil.
The latest Brazilian port data shows exports through mid month at just over 5 MMTs, with another 4.4 MMTs scheduled to sail by the end of the month. May exports of 9.6 MMTs would be 1 MMTs over a year ago, and cumulative exports from February would be 4.7 MMTs (15%) over last year. Ship waiting times at key ports are around 5 days, so there is still time to add to the lineup.
US export sales along with the weekly Argentine crop report will be the key fundamental updates for Thursday, while the market will keep a close watch on rainfall and weather forecasts for next week. A close over the 50 day moving average in July is expected to produce more fund short covering, and we await strong rallies for farm sales.
