The price of soybeans for June shipment into North China fell on the day as CBOT soybean futures dropped to a new low despite CFR premiums trading higher overnight on good crush margins in China.
The APM-6 China CFR premium was assessed 3 c/bu higher at 114 c/bu over July futures, equating to $355.25/mt, down $2.25/mt on the day.
The best offer was heard at 116 c/bu over July futures with a bid at 112 c/bu. The assessment was in line with a trade overnight for June shipment at 114 c/bu over July futures.
A total of seven trades were heard for June and July shipments out of Brazil, among which one other June shipment was heard at 116 c/bu over July futures while three July shipments were heard at 126-127 c/bu over July futures.
Two other trades could not be confirmed by 1700 Beijing time as Chinese traders were largely out of the market. CFR trades out of Brazil resumed at larger volumes after being quiet for the first half of the week.
A number of Old Crop contracts posted lows. Meal futures were UNCH in the front month, with May soy oil 20 points lower.
The afternoon USDA Fats & Oils report indicated March soybean crush was 179.4 mbu, ever so slightly below estimates. That was up 10.2% from February but 1.5% below last year.
Total soy oil stocks were 2.232 billion pounds. The USDA is expected to show 400,000-800,000 MT in old crop sales in their Export Sales report on Thursday, 0-100,000 MT seen for new crop.
Meal bookings are seen at 150,000-375,000 MT, with Soy oil at 7,000-30,000 MT.