Soybeans Fall Despite Bean Oil Strength
Soybeans were under pressure for much of Tuesday, with contracts down 2 to 7 cents at the close. The cmdtyView national average new crop Cash Bean price was down 2 1/4 cents at $9.56 1/2. Soymeal futures continued their weakness, with contracts down $2.30 to $3.20. Soy Oil saw gains of 51 to 99 points to close out the day.
The meeting between the US and China in Sweeden saw a tariff deadline pushed back from the August 12 for 90 days pending the approval of President Trump, as the two look to defuse the trade situation.
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The Monday afternoon Crop Progress report from USDA showed a total of 76% of the US bean crop blooming, with 41% setting pods. Condition ratings were back up 2% to 70% in good/excellent categories, as the Brugler500 improved 5 points to 378. Several fringe states saw a decline, with MN down 4. IL was up 8, with NE 7 points higher, IN and IA up 2 points, with OH and SD up 4
Brazil soybean exports during July are estimated to total 12.05 MMT according to ANCE, which is down 0.06 MMT from their previous estimate but up from 11.25 MMT last year.
Aug 25 Soybeans closed at $9.81 3/4, down 7 cents,
Nearby Cash was $9.47 1/4, down 7 3/4 cents,
Sep 25 Soybeans closed at $9.89 1/2, down 3 cents,
Nov 25 Soybeans closed at $10.09 1/2, down 2 cents,
New Crop Cash was $9.56 1/2, down 2 1/4 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.
