Soybean futures fell 2.6% to 3.3% on the first trade day following Memorial Day. That pulled the July contract to below $13/bu for the first time since Dec 2021. Soymeal prices were 2.4% lower with $9.30 to $9.70 losses. Soybean oil futures closed the day on 5.2% to 5.4% losses. The July BO contract stayed 19 points off its LoC low from May 17th. Crude Oil futures were also sharply lower on the day with a $3.21 per barrel loss.
The weekly Crop Progress data showed soybean planting advanced 17 ppts to 83% complete as of 5/28. That is a full week ahead of the 65% average pace. North Dakota planting reached 53% compared to their average 55% pace. National emergence was marked at 56%, meaning the initial NASS condition ratings will be available in next week’s report. The 5-yr average pace would have 40% emerged as of 5/28.
USDA’s weekly Export Inspections report showed 8.81 mbu of soybeans were shipped during the week that ended 5/25. That was down 41% from the same week last year but was up from 6.1 mbu last week. The season’s total export reached 1.780 bbu as of 5/25. That is 2.2% behind last year’s pace.
Jul 23 Soybeans closed at $12.96 1/2, down 40 3/4 cents,
Nearby Cash was $12.74 3/4, down 41 3/8 cents,
Aug 23 Soybeans closed at $12.19 1/2, down 41 1/2 cents,
Nov 23 Soybeans closed at $11.53 1/4, down 36 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.
/Tesla%20charging%20station%20black%20background%20by%20Blomst%20via%20Pixabay.jpg)
/Apple%20watch%20on%20wrist%20by%20fancycrave1%20via%20Pixabay.jpg)