Front month soybean futures attempted a turnaround Tuesday bounce, but have backed off into midday. The current board is fractionally mixed with Nov 10 cents off the high and July off by 15 cents. Soymeal futures are also trading red, with $3.30 to $4/ton losses so far. Midday soy oil futures are up by 1.6% to 1.9%.Â
USDA reported a private export sale for 165k MT of soybeans to Spain this morning.Â
The initial cmdtyView Bean Yield from Barchart is to see 50.64 bpa. Taking that off 86.5m harvested acres leaves output at 4.38 bbu.
Ahead of the WASDE report, survey respondents are looking for USDA to cut 7.6 mbu from soybean production to 4.502 bbu. The full range is from UNCH to 90 mbu smaller. Yield is expected to be within 51 and 52.4 bpa from 52 in the May report. The average trade guess for new crop carryout is 340.8 mbu, 5.8 million looser. Â Â
The weekly Crop Progress report had 91% of soybeans planted as of 6/4. That was up 8 ppts from last week and remains 15 ppts ahead of average. Soybean emergence was 74%, up from the 56% average pace. NASS reported their initial soybean ratings, scoring the crop 62% good/ex for a Brugler500 score of 362. That compares to last year’s initial score of 375.Â
Jul 23 Soybeans  are at $13.51, up 1 cent,
Nearby Cash  is at $13.23 5/8, up 1 1/4 cents,
Aug 23 Soybeans  are at $12.63, up 2 cents,
Nov 23 Soybeans  are at $11.81, up 1 1/4 cents,
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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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