Soy prices are currently weaker in beans and oil, while meal is 0.3% higher. November soybeans are 7 cents off the overnight low, but still 6 in the red following overnight positioning. Beans were down by double digits with 12 to 18 1/2 cent losses on Tuesday. 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 second day of the ProFarmer Crop Tour showed a Nebraska soybean pod count at 1,160 in a 9 square foot area, a 9% increase from last year, but 3% below the 3-year average. Participants in Indiana had an average of 1,310 pods, up 12.4% from last year and up 6.6% vs. the 3-year average.
Estimates ahead of the StatsCan report run 16.1 MMT to 18.6 MMT for Canadian canola output. The average trade guess would be 730k MT lighter yr/yr at 17.4 MMT. Traders are also looking for an initial soybean outlook of 6.7 MMT compared to 6.5 MMT last year.
Sep 23 Soybeans closed at $13.51 1/2, down 18 1/2 cents, currently down 12 1/4 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, currently down 6 1/4 cents
Jan 24 Soybeans closed at $13.56, down 15 1/2 cents, currently down 5 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.
/Oracle%20Corp_%20logo%20on%20phone%20and%20stock%20data-by%20Rokas%20Tenys%20via%20Shutterstock.jpg)
/Green%20hydrogen%20by%20Scharfsinn%20via%20Shutterstock.jpg)
/NVIDIA%20Corp%20logo%20on%20phone%20and%20AI%20chip-by%20Below%20the%20Sky%20via%20Shutterstock.jpg)