Soybeans fell lower on the midweek session, pressed lower by a less than bull friendly USDA revision. Contracts closed with losses of ¾ cent in July to 7 ¾ cents lower in the back months.  Soymeal futures were mixed, with July up 90 cents/ton and other contracts down $1 to $2.10/ton. Soy Oil futures were down 5 to 12 points on the day.

USDA announced another private export sale of 106,000 MT of old crop beans to China this morning, following the 104,000 MT sale from Tuesday. Looking to the Thursday morning Export Sales report, the trade range of guesses is for 150,000-550,000 MT of old crop bean bookings in the week that ended on 6/6. New crop, which has been light so far this year, is projected to be 0-200,000 MT. Soybean meal sales are seen at 175,000-500,000 MT, with bean oil in a range of 5,000 MT in net reductions and sales of 22,000 MT.

The Wednesday morning USDA World Ag Supply and Demand Estimate report showed the old crop soybean ending stocks raised by 10 mbu to 350 mbu on a cut to crush. The 24/25 crop saw the carryout raised by that same amount on the increased carryover to 455 mbu. Other than that, the S&D table was left unchanged. 

As for the world data, WAOB left the Argentine soybean production alone at 50 MMT, as expected. Brazil also got an expected revision lower, but not by the projected amount, as the 153 MMT was just a 1 MMT cut. World carryout for old crop was 111.07 MMT, a 0.71 MMT reduction. New crop was seen 0.6 MMT lower at 127.90 MMT.

Jul 24 Soybeans  closed at $11.77 1/4, down 3/4 cent,

Nearby Cash  was $11.20 1/2, down 1/2 cent,

Aug 24 Soybeans  closed at $11.66 3/4, down 5 cents,

Nov 24 Soybeans  closed at $11.47 1/4, down 4 1/4 cents,

New Crop Cash  was $10.91 7/8, down 4 cents,