Soybean Futures Market News and Commentary
Front month soybean futures gave back Monday gains and closed 25 3/4 to 33 3/4 cents lower. For November that was the lowest close since July 7. Meal prices ended the Tuesday session with $8.90 to $9.40 losses. Soy oil prices weakened 99 to 135 points.
Barchart raised their cmdtyView Bean Yield estimate from 50.44 bushels to 51.03 bpa on 8/3. That came as Minnesota jumped from a 52.3 to a 53.2 bpa forecast (MN was seen at 48 bpa in June) and SD went from 45.6 to a 46.2 (up from 44.7 in June). Nebraska and Illinois are expected to have the highest yields according to Barchart, with a 57.3 (+1.2) and 57.2 (+0.09) bpa estimate respectively. With 110k additional acres, Barchart estimated the national 21/22 soy crop at 4.424 billion bushels – a 57 mbu bump from their July estimate.
NOAA’s updated 7-day QPF shows a little more rainfall, with N.W. KS through Ohio expected to get at least a quarter of an inch with some pockets limited to 1”. Rain is in the forecast for MN and... Read more