Soybeans saw gains at the Monday close despite the early weakness, with contracts up 2 1/2 to 5 3/4 cents at the final bell. The cmdtyView national average Cash Bean price was up 6 3/4 cents at $10.66 1/4. Soymeal futures were up 70 cents to $1 at the close, with Soy Oil futures mostly 14 to 44 points lower, as July was up 9 points. Crude oil was down $3.72 at the close after the US and Iran came to a peace deal over the weekend.
The weekly Crop Progress report from NASS showed 95% of the US soybean crop planted by 6/7, up 2% from normal, with 88% emerged and 6 percentage points faster than normal. Condition ratings were back up 1% to 66% gd/ex, with the Brugler500 index up 1 points to 368.
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NOPA data was updated this morning, with the report showing just 208.785 mbu of soybeans crushed during May, well below the average trade guess and near the low end of estimates. That was up 8.27% from last year but down 1.45% from April. Soybean oil stocks were tallied at 1.735 billion lbs, below estimates and a draw of 10.9% from last month.
Monday morning’s Export Inspections report showed soybean shipments of 522,687 MT (19.205 mbu) in the week of 6/11. That was up 26.8% from the week prior and more than double the same week last year. Egypt was the largest destination of 218,249 MT, with 136,259 MT shipped to China and 64,464 MT headed to Mexico. The marketing year total is now 36.693 MMT (1.345 bbu) of shipments, which is 19.5% below the same period last year.
Jul 26 Soybeans closed at $11.19 1/4, up 5 3/4 cents,
Nearby Cash was $10.66 1/4, up 6 3/4 cents,
Aug 26 Soybeans closed at $11.23 1/2, up 4 3/4 cents,
Nov 26 Soybeans closed at $11.34 3/4, up 2 3/4 cents,
New Crop Cash was $10.69 1/4, up 3 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.