Product Pressure Pushes Beans Lower

Soybeans saw 6 ¼ to 13 ¼ cent losses across the board on Tuesday, with contracts closing near the lows for the day. The product values keep a weight on things, with Soymeal down $2.80 to $3.20/ton and Soy Oil 26 to 61 points in the red.  

USDA’s Crop Progress report indicated planting progress picked up in 10 of the 18 states, but those that had any measured pace were well above normal. AR was 18% above the average and MO 7% faster than normal. Of the ‘I’ states,  IL was at 4% complete, with IA 2% planted. 

Rains were rolling through the Northern Plains today, moving over to other parts of the Western Corn Belt and eventually eastward. Beyond that, the last half of this week and into early next week are drier for much of the Corn Belt. The 6-10 day is calling for above normal chance for precip in the Plains/WCB, with the ECB normal to below normal precip chances.

Dr. Michael Cordonnier raised his Brazilian soybean production estimate by 2 MMT to 147 MMT, still well below the 155 MMT from USDA. Abiove raised their number by 1.3 to 160.3 MMT.

May 24 Soybeans  closed at $11.45, down 13 1/4 cents,

Nearby Cash   was $10.91, down 13 1/4 cents,

Jul 24 Soybeans  closed at $11.60, down 12 cents,

Nov 24 Soybeans  closed at $11.58 1/2, down 8 3/4 cents,

New Crop Cash   was $10.95, down 8 3/4 cents,

On the date of publication, Alan Brugler 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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