After a back and forth session the soybean futures market ended Tuesday with gains. Beans were up 3 1/4 to 5 1/4 cents at the close. July futures printed a 23 3/4 cent range from -9 3/4 to +14. Soymeal closed in the red with $3.40 to $4.50/ton losses. BO led the way higher on Tuesday with gains of as much as 3.4%. July soy oil was back above 50 c/lb for the first time since 5/11.
USDA reported a private export sale for 165k MT of soybeans to Spain this morning.
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.
Jul 23 Soybeans closed at $13.53 1/4, up 3 1/4 cents,
Nearby Cash was $13.25, up 3 5/8 cents,
Aug 23 Soybeans closed at $12.65 3/4, up 4 3/4 cents,
Nov 23 Soybeans closed at $11.84 3/4, up 5 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.
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