
Corn and wheat futures flashed strength on Tuesday while the soy market dropped. Soybean oil futures were the weak link on the day, giving back 1.8% to 2.1% on the day. Meal was down 0.6% to 1.4% in the front months at the close. Soybean futures were a nickel off their lows but still down by 0.5% to 1.4% across the board. November again tried at the $14/bu mark, and again closed below it.
Quotes from cmdtyView data had ECB soybean basis near -3 3/4 cents, compared to -29 1/4 cents in the WCB for old crop. New crop bids were shown at 56 1/2 cents under Nov, compared to 53 cents under at the same time last year.
USDA’s NASS reported on Monday that soybean planting advanced 17% points through the week to 66% complete as of 5/21. The average pace would be 52% planted. National emergence reached 36%, compared to 20% last week and 24% on average.
China reported 5.3 MMT of soybeans were imported from Brazil during April. That was down 16% yr/yr. U.S. sourced soybean imports were tallied at 1.82 MMT for April, an 11% increase yr/yr.
Jul 23 Soybeans closed at $13.22 1/2, down 18 3/4 cents,
Nearby Cash was $13.03 1/1, down 18 5/8 cents,
Aug 23 Soybeans closed at $12.58 3/4, down 16 3/4 cents,
Nov 23 Soybeans closed at $11.87 3/4, down 9 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.