Soybeans are trading with 3 to 5 ½ cents losses so far on Tuesday morning. Futures fell 18 ¾ to 40 ½ cents across the board on Monday, with weaker products and an improving forecast playing a role. Open interest dropped 29,692 contracts on Monday, implying some profit taking. The cmdtyView national average Cash Bean price was 39 1/2 cents lower at $11.74 1/4. Soymeal futures were $5.50 to $11.10 lower, with Soy Oil futures down 104 to 287 points. Crude oil was down $7.40 to add pressure.
The Monday Crop Progress data from NASS showed 80% of the US soybean crop blooming by 7/26, up 6% from normal, with 47% setting pods and 8 percentage points faster than the 5-year average. Condition ratings were down 3% at 63% gd/ex, with the Brugler500 index dropping 6 points to 363.
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The weekly Export Inspections report showed soybean shipments of 348,850 MT (12.82 mbu) in the week of 7/23. That was a 9.3% increase from the week prior but 18.5% below the same week last year. Mexico was the largest destination of 88,217 MT, with 65,154,620 MT shipped to Egypt and 57,290 MT to Japan. Shipments for the marketing year are now at 38.97 MMT (2.843 bbu) of soybeans, which is 17.5% below the same period last year.
The NOAA 7-day QPF shows 1 to 2 inches across much of IA, MO, and IL over in the next week. Eastern SD/NE and southern MN are seen with 1 to 2 inches. OH and IN are seen with lighter totals.
China state firm Sinograin is auctioning off 504,000 MT of imported soybeans on Friday.
Aug 26 Soybeans closed at $12.08 1/2, down 39 1/2 cents, currently down 3 1/2 cents
Nearby Cash was $11.74 1/4, down 39 1/2 cents,
Sep 26 Soybeans closed at $11.99 3/4, down 40 1/2 cents, currently down 5 cents
Nov 26 Soybeans closed at $12.13 3/4, down 39 3/4 cents, currently down 5 1/2 cents
New Crop Cash was $11.55 3/4, down 39 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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