Soybeans are another 6 to 8 cents lower so far into the day portion of Wednesday. 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. Preliminary open interest showed some net new selling interest in soybeans, up 1,405 contracts. For perspective, total soybean OI was 651,037 contracts.Â
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.Â
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.Â
Â
Jul 23 Soybeans  closed at $13.22 1/2, down 18 3/4 cents, currently down 4 1/2 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, currently down 6 1/4 cents
Nov 23 Soybeans  closed at $11.87 3/4, down 9 1/4 cents, currently down 7 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.
/Robinhood%20app%20on%20phone%20by%20Andrew%20Neel%20via%20Unsplash.jpg)
/Nvidia%20logo%20by%20Konstantin%20Savusia%20via%20Shutterstock.jpg)
