Soybeans are starting the Tuesday session with losses of 13 to 18 cents. They ended Monday by rallying back from steep early morning losses. Contracts closed with 8 to 10 cent losses in the front months other than nearby August down 22 3/4. November beans hit a 3 ½ year low before rebounding. Product value was again a factor, with Soy Oil futures down 12 to 83 points in the nearbys and higher in the deferreds. Soymeal futures were up 70 cents to $2.20/ton in the front months.
The NASS Crop Progress report indicated that 77% of the US soybean crop in the 18 tracked states was blooming and 44% was setting pods, Those were 3 and 4 percentage points above their respective averages. Soybean conditions were slipping back 1% to 67% gd/ex as of July 28. The Brugler500 index was unchanged @ 370.
USDA’s Export Inspections report for soybeans showed 403,268 MT (14.82 mbu) during the week that concluded on July 25. That was up 20.6% from last week and 19.2% above a year ago. Mexico edged out Germany as the top destination at 126,894 MT, with 124,363 MT headed to the latter. The full marketing year shipments are 42.76 MMT(1.571 bbu), which is down 15.3% from last year’s accumulated total YTD.
Aug 24 Soybeans closed at $10.54 3/4, down 22 3/4 cents, currently down 13 1/2 cents
Nearby Cash was $10.25 5/8, down 25 1/2 cents,
Nov 24 Soybeans closed at $10.39 1/2, down 9 cents, currently down 18 cents
Jan 25 Soybeans closed at $10.55, down 9 cents, currently down 17 1/2 cents
New Crop Cash was $9.90 1/1, down 11 1/4 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.
