Soybeans were weaker on Tuesday, with contracts closing fractionally to 4 ¾ cents lower. The cmdtyView national average Cash Bean price was up 1/4 cent at $10.58. Soymeal futures were down $1.60 to $2.70 on the day, with Soy Oil futures mixed, from 35 points higher to 34 points lower.
The weekly Crop Progress report from NASS showed 92% of the US soybean crop planted by 6/7, up 4% from normal, with 79% emerged and 8 percentage points faster than normal. Condition ratings were down 1% to 65% gd/ex, with the Brugler500 index down 2 points to 367. Deterioration was noted in IN, down 9 points, with MO slipping 4, SD down 3, and ND 2 points lower, as well as weaker condition in other fringe southern states. Improvement was seen in MN (+6), NE (+3), IL (+3), and OH (+5).
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The next week is looking at heavy precip totals in much of eastern KS, through IA, MI, IL, IN, WI, and IN of 1 to 3 inches. Spottier totals are seen in OH, with NE and the Dakotas seen as very light amounts.
WASDE data will be out on Thursday, with traders surveyed by Bloomberg looking for a steady report, with an average trade estimate of 339 mbu for old crop bean carryout, vs. 340 mbu in May. New crop is estimated at 310 mbu, unchanged if realized.
Chinese soybean imports totaled 11.79 MMT in May, which was a 15.3% decline from the same month last year. ANEC estimates the Brazilian soybean exports in June at 14.38 MMT, compared to the 12.36 MMT estimate last month.
Jul 26 Soybeans closed at $11.13 3/4, down 2 cents,
Nearby Cash was $10.58 1/1, up 1/4 cent,
Aug 26 Soybeans closed at $11.18 3/4, down 2 1/2 cents,
Nov 26 Soybeans closed at $11.32, down 3 1/2 cents,
New Crop Cash was $10.66 1/4, down 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.