Soybeans are feeling pressure on Tuesday, with contracts down 30 to 21 ¼ cents at midday. CmdtyView’s national front month Cash Bean price is down 21 3/4 cents at $9.49 ¼. Soymeal is down $2.10/ton in the nearbys. Soy Oil futures are falling 175 points at midday, feeling some pressure from sharp losses in crude oil.
USDA reported another private export sale of 166,000 MT of 24/25 soybeans to China this morning.
August soybean exports totaled 1.714 MMT (63 mbu), which was a slight improvement over last year and 14.7% above July. That took the full marketing year total to 1.695 bbu. Soy meal exports totaled 909,156 MT, which was down 15% from last year. Soybean oil shipments were just 29,032 MT.
Weekly Crop Progress data showed 90% of the US soybean crop was dropping leaves by Sunday, which is 5% head of normal. Harvest jumped to 47% of the US crop, well above the 34% average pace. Conditions were down 1% to 63% gd/ex in the final condition update of the year. The Brugler500 index was 361, down 1 on the week to close out at a 4-year high for final ratings.
Nov 24 Soybeans are at $10.12 3/4, down 21 1/4 cents,
Nearby Cash is at $9.49 1/4, down 21 3/4 cents,
Jan 25 Soybeans are at $10.31 1/2, down 21 cents,
May 25 Soybeans are at $10.61 1/2, down 21 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.
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