Beans closed with double digit losses on Tuesday, led by a 20c giveback in the May contract. Futures were 5-8 cents off their intraday lows at the close. The new crop soy/corn ratio was 2.309 at the close. Soybean meal futures settled the session with $2.40 to $4.70/ton losses. BO futures ended the session down by 58 to 85 points.Â
The weekly Crop Progress report had 9% of US soybeans planted as of 4/23. That was up from 4% last week and compares to the 5-yr average pace of 4%. Illinois advanced from 4% to 15% through the week and is running 9% points ahead of average.Â
Ahead of the StatsCan acreage estimates report, due Wednesday, analysts are looking for a 21.8m acre canola crop. That would be up 400k acres from 22/23 if realized. The full range of estimates is from 20.5 to 22.5 million. The average trade estimate for soybean area is 5.3m acres, even with last year.Â
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May 23 Soybeans  closed at $14.45 1/4, down 20 cents,
Nearby Cash  was $14.03 1/2, down 19 1/2 cents,
Jul 23 Soybeans  closed at $14.17 1/2, down 18 1/2 cents,
Nov 23 Soybeans  closed at $12.66, down 10 3/4 cents,
On the date of publication, Alan Brugler 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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