Soybeans ended the Monday session with contracts down 20 to 21 cents in the nearbys to start the month. Soymeal was $3.20 to $4.70/ton lower and faded late in the day to pushed things lower. Soy Oil fell 141 to 143 points across the board on Monday.
The weekly Crop Progress report showed the US soybean crop at 78% planted, 5% ahead of the average pace for this week. Emergence was 55% complete, 3% faster than normal.
Export Inspections data showed 348,644 MT of soybeans shipped in the week that ended on May 30. That was up 57% from both last week and the same week in 2023. Mexico was the top destination this week of 70,380 MT, with 68,237 MT headed to China. The year to date shipments according to FGIS data show 40.295 MMT (1.48 bbu) for soybeans, a 17.2% decline from last year.
The Monday afternoon Fats & Oils report showed 177.7 mbu of soybeans crushed during April, a 12.76% decline from March’s massive total and down 4.95% from last year. That was still above the trades expected 175.5 mbu. Stocks for the end of the were tallied at 2.311 billion lbs, a 2.44% decline mo/mo.
StoneX cut their Brazilian soybean crop estimate by 1.8 MMT to 149 MMT, citing flood losses in the South regions.
Jul 24 Soybeans closed at $11.84 1/2, down 20 1/2 cents,
Nearby Cash was $11.27 3/4, down 15 3/4 cents,
Aug 24 Soybeans closed at $11.82 1/2, down 21 cents,
Nov 24 Soybeans closed at $11.63 3/4, down 20 3/4 cents,
New Crop Cash was $11.09 1/1, down 19 7/8 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.
/Green%20hydrogen%20by%20Scharfsinn%20via%20Shutterstock.jpg)
/Oracle%20Corp_%20logo%20on%20phone%20and%20stock%20data-by%20Rokas%20Tenys%20via%20Shutterstock.jpg)
/NVIDIA%20Corp%20logo%20on%20phone%20and%20AI%20chip-by%20Below%20the%20Sky%20via%20Shutterstock.jpg)
