Soybeans Futures PricesWednesday, May 23rd, 2012

Soybeans are trading 18 to 20 cents lower this morning. The new 6 to 10 day forecast was positive to crop production compared to the previous run. Outside markets were also an influence on the sell off along with the rising dollar. Old crop prices remain above the 100 day moving average but closed at the lowest level since March 30 on Tuesday. They were lower again overnight. South American production problems have pulled some business forward with new crop export sales above the last five years and US old crop shipments gaining ground on year ago totals. That is now an old story, with de-risking the main feature. Soybean stocks at select export elevators and terminals were down 244,000 bushels from last week. Chinese futures were down another 25 cents overnight, with soy oil prices now down near February levels. Their aggressive import campaign is having the desired effect on domestic prices.