Soybeans are showing 5 to 6 cent midday gains on Tuesday, pulling off double digit strength early in the session. Preliminary open interest showed a rotation of ownership, up 1,268 contracts, as Nov was down by 1,031 contracts and January was up 3,226 contracts. CmdtyView’s national front month Cash Bean price is up 5 cents at $9.83 ½. Soymeal futures are showing $2.30 to $2.50/ton losses. Soy Oil futures are up 124 to 139 points at midday.Â
NASS reported the US bean crop at 65% dropping leaves by September 22, ahead of the 57% average pace, with harvest 13% complete and 5% faster than normal. Rains from the remnants of Tropical Storm Helene are expected to bring rains to the Eastern Corn Belt over the next week, putting a slowdown to harvest.
Condition ratings were unchanged across the board at 64% gd/ex, with the Brugler500 index steady at 362. Crop ratings in IL and IN were down 3 points, with OH dropping 13 points, ND and MN slipping 1 point. Ratings in IA and MO were up 1 point, as SD was up 10 points.
ANEC expects to see the Brazilian soybean exports at 5.82 MMT in September, a slight reduction from last week’s estimate.Â
Nov 24 Soybeans  are at $10.44 1/4, up 5 cents,
Nearby Cash  is at $9.83 1/2, up 5 cents,
Jan 25 Soybeans  are at $10.62 1/2, up 5 3/4 cents,
May 25 Soybeans  are at $10.88, up 5 1/4 cents,
New Crop Cash  is at $9.83 1/2, up 5 cents,
On the date of publication, Austin Schroeder 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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