Midday soybean quotes are 18 to 29 cents weaker with 1.6% to 2.2% losses. The meal market is trading $3.70 to $7.20/ton in the red. Soybean oil futures ae down 44 points at midday as well.
StatsCan reported May’s canola processing increased 30% yr/yr with 323k MT of oil produced. Their season total crushing reached 8.3 MMT, up 16% from last year’s pace.
The weekly Crop Progress update showed soybean emergence reached 96% nationally, compared to 89% on average. NASS showed 10% were blooming, which is 1 ppt ahead of average. The soybean condition ratings came in at 51% good/ex and 14% poor/VP for a Brugler500 conversion of 340. That was down from 346 on the Brugler500 Index last week and 362 initially. MO saw the largest drop from last week with a 29 point fall to a 299 on the Brugler500.
The weekly Export Inspections report had 141,158 MT of soybean shipments for the week that ended 6/22. That was down from 179k MT last week and from 477k MT during the same week last year. The season’s total export reached 49.165 MMT, compared to 51.436 MMT last year.
Jul 23 Soybeans are at $15.02 1/2, down 18 1/2 cents,
Nearby Cash is at $14.19 1/2, down 27 1/4 cents,
Aug 23 Soybeans are at $13.98 3/4, down 25 3/4 cents,
Nov 23 Soybeans are at $12.94, down 29 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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