Soybean Prices Fade on Tuesday

Beans were down by double digits with 12 to 18 1/2 cent losses across the front month contracts. November printed a wide 34 1/2 cent range for the day. Soymeal futures ended the day with $1.40 to $3.50/ton losses. Soybean Oil futures were 198 to 278 points weaker on Tuesday. The sharp losses in BO pulled the CME Synthetic Soy Crush  down to $2.02 ¾ per bushel (Dec), a 9c drop to a new low for the month of August. 

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.

Wire sources indicate delays of as long as 21 days for vessels crossing the Panama Canal due to low water levels. 

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. 

Sep 23 Soybeans  closed at $13.51 1/2, down 18 1/2 cents,

Nearby Cash   was $13.37 3/8, down 17 1/8 cents,

Nov 23 Soybeans  closed at $13.46, down 15 3/4 cents,

Jan 24 Soybeans  closed at $13.56, down 15 1/2 cents,