Soybeans are ignoring any argument of a Turnaround Tuesday, as contracts are up 2 to 11 cents in the front months at midday. Some short covering was noted on Monday, as preliminary OI dropped 3,843 contracts despite the big price advance. Soymeal futures are down $2.70 in the August contract. Soy Oil futures are 21 points lower in the front month
Dryness in the 7-day forecast and above normal temps in the 8-14 day outlook gave the market some support as we round out July and head toward August.
The weekly Crop Progress update from NASS indicated 65% of the US bean crop was blooming as of July 21, with 29% setting pods, both 5% points ahead of average maturity for the date. Soybean condition ratings were unchanged at 68% gd/ex, with the Brugler500 index remaining at 370.
Aug 24 Soybeans are at $11.20 1/4, up 2 1/2 cents,
Nearby Cash is at $10.96 1/4, up 3 3/4 cents,
Nov 24 Soybeans are at $10.78 3/4, up 10 cents,
Jan 25 Soybeans are at $10.93, up 10 cents,
New Crop Cash is at $10.30 1/2, up 10 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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