AM soybean quotes are pressing another 7 to 10 cents weaker following the sharp turnaround Tuesday losses. Preliminary OI data showed the drop yesterday was fueled by net new selling in the September and later contracts, with long liquidation the main July feature. Overall, OI rose 972 contracts. At the Tuesday close soybeans were 1.8% to 2.6% lower. That led to a 36 cent drop in July and a 24 cent drop in November. Nov held at the $12 round number support after seeing the lowest prints since Jan of ’22. Soybean meal futures ended the day $3.30 to $4/ton lower. Front month soybean oil futures dropped a sharp 4% on Tuesday, which had July’s price back to Feb ’21 levels on the weekly continuation.
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 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.
Jul 23 Soybeans closed at $13.64, down 36 3/4 cents, currently down 9 3/4 cents
Nearby Cash was $13.46 5/8, down 36 1/2 cents,
Aug 23 Soybeans closed at $12.98 1/4, down 30 cents, currently down 7 1/4 cents
Nov 23 Soybeans closed at $12.07, down 24 1/4 cents, currently down 8 1/4 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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