Soybeans are trading with Wednesday morning gains of 6 to 7 ¼ cents. Futures posted losses of as little as 4 cents in the deferreds, with nearbys own as much as 16 cents. Open interest suggested an some rolling out of July, with OI down 4,746 contracts and the rest of the board up 6,697 contracts The cmdtyView national average Cash Bean price was down 15 3/4 cents at $11.06 3/4. Soymeal futures were down 30 cents to $3.10 higher, with Soy Oil futures 5 to 70 points lower.
Weekly Crop Progress data indicated 87% of the US soybean crop planted by Sunday, 7% faster than normal. Emergence was 8 percentage points ahead of average at 65%. Crop ratings were released this week, showing 66% of the US soybean crop in good or excellent condition, down 1% from the same week last year and below the 68% estimate. That translates to a 369 on the Brugler500 index, a 3-year low, and the 4th lowest initial rating in the last 13 years. The weakest ratings were in OH at 339, with SD at 352 and IN at 356. The strongest ratings were in IA at 393, with WI at 390.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
The 7-day forecast from NOAA shows ½ inches across much of the Western Corn Belt, west of the Mississippi River. East of that line is looking at less than an inch of rainfall, with the exception to northern IL and WI.
Jul 26 Soybeans closed at $11.65 1/4, down 15 1/2 cents, currently up 7 1/4 cents
Nearby Cash was $11.06 3/4, down 15 3/4 cents,
Aug 26 Soybeans closed at $11.69, down 16 cents, currently up 7 cents
Nov 26 Soybeans closed at $11.77 3/4, down 11 cents, currently up 6 1/2 cents
New Crop Cash was $11.12 1/1, down 12 1/2 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.
More news from Barchart
- Soybean Prices Have Likely Hit a Floor. Wait for These Levels and Then Buy.
- Soybean Prices Are Moving Higher. Expect More Upside.
- Soybean Meal Prices Are Starting to Catch Up Amid Inflation Fears, Food Shortages. How to Trade Them Here.
- Grain Market Update: Are Iran Ceasefire Rumors Creating a Commodity Trap
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
