Soybeans Popping Higher on Tuesday
Soybean futures are posting midday gains on Tuesday with contracts up 3 to 9 cents so far. CmdtyView’s national front month Cash Bean price is up 9 1/4 cents at $9.88 3/4. Soymeal futures are up $1.10/ton, as Soy Oil futures are down 8 points.
The US soybean crop was listed at 8% planted as of Sunday, now ahead of the 5-year average pace of 5%. Just KY, MI, ad OH were listed as behind the normal pace, with IA at 11% (vs. 3% on average) and IL at 10% (vs. 7%).
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EU soybean imports have totaled 11.22 MMT from July 1 to April 20, which is up 9% from the same period last year. Meal imports in that same period are 15.14 MMT, up from the 12.02 MMT in the same period last year.
Export Inspections data from Monday tallied soybean shipments at 550,924 MMT (20.24 mbu) in the week that ended on April 17. Marketing year soybean shipments are now 42.67 MMT (1.57 bbu), an increase of 10.9% from the same week last year.
May 25 Soybeans are at $10.38, up 8 1/2 cents,
Nearby Cash is at $9.88 3/4, up 9 1/4 cents,
Jul 25 Soybeans are at $10.48 3/4, up 7 1/4 cents,
Nov 25 Soybeans are at $10.29 1/2, up 3 3/4 cents,
New Crop Cash is at $9.67, up 3 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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