The bean futures market is trading double digits lower through midday with losses of as much as 1.5%. November contracts have seen a 33 cent range so far, and are working near their lows for the session. Midday Soymeal futures are down $4.70 to $6 so far. Soybean Oil prices are down by as much as 2.7% leading the way down.Â
The first day of the ProFarmer Crop Tour showed the Ohio soybean pod count at 1,253 in 9 square foot area, a 7.9% increase over the 3-year average. Participants in South Dakota had an average of 1,013 pods, down 2.6% from the 3-year average.
The weekly Crop Progress report showed 96% of soybeans were blooming and 86% of beans setting pods on 8/20. NASS field agents rated the national crop 4% VP, 9% P, 28% F, 49% G, 10% E – which converts to a 352 on the Brugler500 Index. That was down 3 points from the prior week.
COFCO, a Chinese owned company, finished construction of Brazil’s first Biodiesel pipeline. The pipeline runs from Rondonopolis MG to Port Santos, capable of sending 280m3 per hour.Â
Sep 23 Soybeans  are at $13.50, down 20 cents,
Nearby Cash  is at $13.33, down 21 1/2 cents,
Nov 23 Soybeans  are at $13.42, down 19 3/4 cents,
Jan 24 Soybeans  are at $13.52, down 19 1/2 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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