Soybean Meal Futures Market News and Commentary
Soybeans were down 18 1/4 cents in July at the close, though by the ’23 contracts losses firmed to 2 1/4 for Jan to a 1/4 cent gain in May. July beans were still a $1.68 premium to Nov, while the Nov to Jan has a 3 1/4 cent carry. Soybean oil prices were 46 points weaker in July, but only 3 points red for August as the Sep contract went home 20 points higher. July to Sep was still a 4 c/lb inverse at the close. At Monday’s close soymeal was $5.20 to $7.40 in the red.
NASS Crop Progress data showed that soybean planting was halfway complete as of 5/22. The average pace is to be 55% planted by week 21. Soybean planting in IA was ahead of the average pace by 2% points with 69% in the ground compared to 34% last week and 67% on average. North Dakota is still well behind pace with NASS showing just 7% planted compared to 47% on average. MN is also behind pace with 32% planted compared to 68% last week. National soybean emergence was up from 9% last week to 21%, but still 5ppts beh... Read more