Soy Extending Drop

AM soy quotes are another 1.4% to 3.6% lower so far, again led by the oil. Soybean oil is currently another 3.4% lower following the Tuesday’s 5.2% to 5.4% losses. The July BO contract stayed 19 points off its LoC low from May 17th. CME data confirmed net new selling from BO. AM beans are trading with 20 to 26 cent losses of as much as 2%. Soybean futures fell 2.6% to 3.3% on the first trade day following Memorial Day, and pulled the July contract to below $13/bu for the first time since Dec 2021. CME data confirmed it was long liquidation in July, but net new selling in the August. Yesterday, soymeal prices were 2.4% lower with $9.30 to $9.70 losses. 

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 now 2.2% behind last year’s pace. 

Jul 23 Soybeans  closed at $12.96 1/2, down 40 3/4 cents, currently down 24 1/4 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, currently down 25 1/2 cents

Nov 23 Soybeans  closed at $11.53 1/4, down 36 1/4 cents, currently down 22 1/4 cents