Soybeans Feeling Modest Weakness on Turnaround Tuesday
Soybeans are slipping lower on Turnaround Tuesday, with contracts down 2 to 6 ½ cents. The cmdtyView national average Cash Bean price is down 5 3/4 cents at $11.10 1/2. Soymeal futures are down $2 to $2.50 across the front months, with Soy Oil futures up 55 to 65 points in the front months.
The weekly Crop Progress report from NASS showed the US soybean crop at 23% planted by April 26, well above the 12% average pace for this time of year. Of the major 18 states reported notable fast pace planting was shown in IL (+18% vs. average), IN (+27%), MN (+9%), NE (+11%), and OH (+12%). Slower than average pace was reported in just IA (-2% vs. average), MI (-2%), and WI (-1%). National level emergence was at 8%, vs. 1% on average.
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May 26 Soybeans are at $11.70 3/4, down 6 1/2 cents,
Nearby Cash is at $11.10 1/2, down 5 3/4 cents,
Jul 26 Soybeans are at $11.87 1/4, down 4 3/4 cents,
Nov 26 Soybeans are at $11.64 1/4, down 1 1/2 cents,
New Crop Cash is at $11.02 3/4, down 2 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.
