Soybeans are posting 17 to 18 cent losses in early Tuesday action, after reversing the early losses on Monday to rally 12 to 15 cents into the close. Help came via meal, as bean oil was weaker. Soymeal futures were up $5 to 7.90/ton on the session across most contracts. Soy Oil futures were up 55 to 65 points on the day.
Crop Progress data showed the US soybean crop was 86% blooming, with 59% setting pods, both faster than the average pace for the growing season. USDA condition ratings were up 1% to 68% gd/ex in that week, as the Brugler500 index rose 2 points to 372.
USDA’s FGIS Export Inspections report showed 261,203 MT (9.56 mbu) in shipments through the week ending on August 1. That slipped 10.2% below the same week last year and a 36.1% drop from the previous week. Indonesia was the lead destination of 85,629 MT, as 76,838 MT was headed to Mexican destinations. Accumulated marketing year shipments have totaled 43.03 MMT (1.58 bbu) since September 1, down 15.3% from last year.
Aug 24 Soybeans closed at $10.44 1/4, up 15 cents, currently down 17 1/2 cents
Nearby Cash was $10.19 1/2, up 13 1/4 cents,
Nov 24 Soybeans closed at $10.40 3/4, up 13 1/2 cents, currently down 17 1/4 cents
Jan 25 Soybeans closed at $10.57, up 13 cents, currently down 17 1/4 cents
New Crop Cash was $9.86 3/4, up 12 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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