Soybeans are trading with double digit 10 to 11 cent losses on Wednesday morning. They closed out the Tuesday session with contracts up 5 to 8 cents across the nearbys on Tuesday. Soymeal futures were up $1.20 to $5.20 per ton. Soy Oil contracts were back down 2 to 55 points across most contracts at the close.
Crop Progress data soybean condition ratings were down 1% to 67% good/excellent, as the Brugler500 index was down 3 points to 369. Most of the major states saw some deterioration, with Ohio dropping 22 points on the Brugler500 index and Illinois down 14 points to lead the way. Missouri was down 6 points, with Nebraska and Minnesota falling 5 points. Indiana and Iowa were down 1 point, with North Dakota up 11 points and South Dakota 6 points higher.
Soybean imports by the EU have totaled 1.77 MMT from July 1 through August 23. That is down from the 2.3 MMT from a year ago in that same period. Canadian canola production is expected to be tallied at 19.2 MMT this morning, which would be up from last year. Soybean production is seen at 7.2 MMT.
Sep 24 Soybeans closed at $9.67 1/2, up 7 3/4 cents, currently down 11 cents
Nearby Cash was $9.39, up 4 cents,
Nov 24 Soybeans closed at $9.86 1/2, up 5 3/4 cents, currently down 10 1/2 cents
Mar 25 Soybeans closed at $10.17 3/4, up 5 1/2 cents, currently down 10 1/4 cents
New Crop Cash was $9.30, up 6 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
