Soybeans are trading with fractional to 2 cent gains so far on Wednesday morning, but are down more than a nickel from overnight highs. Futures closed Tuesday with contracts 1 to 4 cents lower, as July expired with a 5 ¼ cent gain at $12.07 ¼. Open interest increased by 3,589 contracts on Tuesday, primarily in new crop months. The cmdtyView national average Cash Bean price remained down 3 3/4 cents at $11.46. Soymeal futures closed up 20 cents to $2.80, while Soy Oil futures fell 19 to 49 points.
Crop Progress data from NASS showed 50% of the U.S. soybean crop blooming by July 12, up 6% compared to the average, with 19% in pod development and maturing 6 percentage points faster than normal. Grain condition ratings improved by 1% to 65% good/excellent, supported by the Brugler500 index rising to 367. Deterioration was observed in the I states, with Illinois down 5, Indiana and Iowa down 2 each, and Missouri down 3. Improvement emerged in Minnesota (+1), Nebraska (+5), Ohio (+19), and North Dakota (+1).
NOPA data will be released later today, with market participants anticipating 203.99 million bushels of soybeans crushed by members in June. Bean oil stocks are projected at 1.653 billion bushels.
Brazilian soybean production is now estimated at 180.57 million metric tons according to CONAB’s latest data, reflecting a 0.32 million metric ton increase from the previous month. Brazilian July exports are forecast at 13.76 million metric tons by ANEC, up 1.5 million metric tons from last week’s estimate and significantly higher than the 12.25 million metric tons exported in July last year. China imported 13.55 million metric tons of soybeans in June, per official trade data.
Jul 26 Soybeans closed at $12.07 1/4, up 5 1/4 cents.
Nearby Cash was $11.46, down 3 3/4 cents.
Aug 26 Soybeans closed at $11.92 3/4, down 4 cents, currently up 1/2 cent.
Nov 26 Soybeans closed at $11.91, down 3 3/4 cents, currently up 1 1/2 cents.
New Crop Cash was $11.26 1/2, down 3 1/4 cents.
As of the publication date,
Austin Schroeder
did not hold (either directly or indirectly) positions in any securities mentioned in this article. All information and data provided are for informational purposes only.
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