Soybean Gains Pushing to Wednesday Morning
Soybeans are trading with Wednesday AM gains of 8 to 9 cents so far. Futures held off the early weakness on Tuesday, as day session buying took price action 7 ½ to 11 ¾ cents higher into the close. Rumors of Chinese inquiries into the US sparked some buying interest early. Open interest suggested a rotation of ownership, down just 249 contracts. The cmdtyView national average Cash Bean price was up 10 3/4 cents at $10.77 3/4. Soymeal futures were up $1.50 to $2.80 at the close, with Soy Oil futures falling 55 to 145 points led by the nearbys.
The weekly Crop Progress report from NASS showed soybean condition ratings were back up 1% to 66% gd/ex, with the Brugler500 index up 1 points to 368. The crop was notedly improved in IN (+10), MN (+4), ND (+10) and SD (+11). Weakening conditions were tallied in IL (-7), IA (-6), NE (-12), and OH (-1).
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Brazil’s soybean exports in June are estimated at 15.31 MMT according to ANEC, up 0.93 MMT from their previous estimate.
Jul 26 Soybeans closed at $11.30, up 10 3/4 cents, currently up 8 cents
Nearby Cash was $10.77, up 10 3/4 cents,
Aug 26 Soybeans closed at $11.34 1/2, up 11 cents, currently up 8 1/4 cents
Nov 26 Soybeans closed at $11.46 1/2, up 11 3/4 cents, currently up 9 cents
New Crop Cash was $10.81 1/4, up 12 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.
