Soybean futures are trading 1.8% to 2.6% weaker through the Turnaround Tuesday, which has most contracts setting new lows for the move. November contracts are also below their washout lows from fading the Russian Invasion back in July. Soybean oil futures are down by 2 cents, and meal futures are $3 to $5.20/ton in the red.
NASS reported soy planting progress advanced 14% points to 49% complete as of 5/14. That remains 13% points ahead of average. Bean emergence was marked at 20% nationally, compared to 11% on average.
NOPA members processed 173.23 million bushels of soybeans during the month of April. That was a 6.8% decrease month/month and was below the average trade estimate of 174.17 mbu. Still, it was a record crush for the month of April. Soy oil stocks were reported at 1.957b lbs, compared to 1.851b in March and 1.828 billion expected.
USDA’s weekly Export Inspections report showed 147,897 MT of soybeans were shipped during the week that ended 5/11. USDA had the full season’s total at 48.005 MMT. That is 88% of the WASDE forecast.
Jul 23 Soybeans are at $13.62 3/4, down 38 cents,
Nearby Cash is at $13.44, down 38 cents,
Aug 23 Soybeans are at $12.96 3/4, down 31 1/2 cents,
Nov 23 Soybeans are at $12.06 1/2, down 24 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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