Soybeans are trading 13 to 15 cents lower across the nearbys on Wednesday, feeling another round of pressure from meal and faster planting pace. Soymeal is down another $7.30 to $7.40/ton in the front months.  Soy Oil is showing gains of 30 points in the July contracts at midday.
Crop Progress data showed 68% of the US soybean crop was planted as of Sunday, now 5% ahead of the average pace. The only states to be reported as lagging behind was NE (-1%) and IA (-4%). IL (+7%) and IN (+9%) are both well above normal. The crop was 39% emerged, 3% ahead of the normal pace.Â
The next 3 days shows drier weather for much of the ECB, with the Plains seen as being wetter. Out through the last half of the weekend through early next week is fairly dry, with spotty precip expected. As planting pace continues the trade’s focus is going to switch to weather outlook impacts on the crop already in the ground.
Jul 24 Soybeans  are at $12.14 1/4, down 15 1/4 cents,
Nearby Cash  is at $11.54 3/8, down 14 7/8 cents,
Aug 24 Soybeans  are at $12.14 1/2, down 14 1/2 cents,
Nov 24 Soybeans  are at $11.96 3/4, down 13 3/4 cents,
New Crop Cash  is at $11.40 3/8, down 13 1/4 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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