Soybean Weakness Extending to Tuesday’s MiddaySoybeans are falling another 9 to 10 cents so far on Tuesday. The cmdtyView national average Cash Bean price is down 7 cents at $10.04 1/2. Soymeal futures are $1.30/ton lower. Soy Oil is trading with midday losses of 133 points.
The weekly USDA crop progress report showed US soybean planting progressing just 3% in the week ending on Sunday, to 96% complete, lagging the five year average of 97%. Emergence was at 90%, matching the average pace, with 8% blooming, up from the normal 7%. Traders had been expecting crop conditions to improve, though USDA data showed steady ratings at 66% gd/ex. The Brugler500 index was unchanged at 367. There were several shifts by state, with the fringe states seeing the largest swings. Ratings in IN were down 5, IA slipping 6, MO 3 points lower, NE 9 points worse, and ND dropping 12. Conditions in MN and OH up 5 points.
Commitment of Traders data indicated that soybean speculators were increasing their net long position by 33,526 contracts in the week ending last Tuesday. As of June 17th, their net long was 59,165 contracts.
Brazil’s soybean exports for June are expected to total 14.99 MMT according to ANEC, which is up from the 14.36 MMT previous estimate.
Jul 25 Soybeans are at $10.49 1/2, down 9 1/4 cents,
Nearby Cash is at $10.04 1/2, down 7 cents,
Aug 25 Soybeans are at $10.53, down 9 cents,
Nov 25 Soybeans are at $10.37 1/2, down 9 1/4 cents,
New Crop Cash is at $9.84 1/4, down 9 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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