Soybeans posted modest declines on Tuesday, with futures settling slightly lower amid pressure on meal markets. The cmdtyView national average cash bean price edged up 0.25 cent to $10.58.
The latest USDA Crop Progress report, released for the week ending June 7, indicated that 92% of the U.S. soybean crop had been planted — 4 percentage points above the historical average — and 79% had emerged, advancing 8 points faster than typical. Overall crop condition slipped 1% to 65% rated good or excellent, with the Brugler500 index retreating 2 points to 367. Condition declines were observed in Indiana (-9 points), Missouri (-4), South Dakota (-3), and North Dakota (-2), while modest gains appeared in Minnesota (+6), Nebraska (+3), Illinois (+3), and Ohio (+5).
Parts of eastern Kansas, Iowa, Michigan, Illinois, Indiana, Wisconsin, and Ohio are expected to receive heavy precipitation of 1 to 3 inches over the coming week, with scattered amounts in Ohio and very light totals across the Dakotas and Nebraska.
USDA’s upcoming WASDE report, due Thursday, is anticipated to show steady figures. Bloomberg‑surveyed traders project an average old‑crop soybean carryout of 339 million bushels, compared with 340 million bushels in May, and a new‑crop carryout estimate of 310 million bushels, unchanged from the previous outlook.
In May, China imported 11.79 million metric tons of soybeans, a 15.3% drop from the same month last year. The Argentine soybean export estimate for June has been revised upward to 14.38 million metric tons by the Argentine Agrarian News & Exchange Council, up from 12.36 million metric tons the prior month.
Jul 26 Soybeans closed at $11.13 3/4, down 2 cents.
Nearby cash soybeans were $10.58 1/1, up 0.25 cent.
Aug 26 Soybeans closed at $11.18 3/4, down 2.5 cents.
Nov 26 Soybeans closed at $11.32, down 3.5 cents.
New‑crop cash soybeans were $10.66 1/4, down 0.3 cent.
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
