Soybeans Weaker to Start Tuesday

Soybeans are trading 3 to 5 ¾ cents lower on Tuesday morning. They held up at the Monday close with contracts up 9 ½ to 13 ¾ on Monday. Product values are weaker as soybean meal is down $1.20/ton, and bean oil backing off 16 points.

USDA pegged soybean planting pace at 30% as of 5/15, on the low end of estimates. That was up 18% on the week and is 9% below the 5-year average. NASS also tallied emergence at 9% vs. the 12% normal pace. 

This morning’s Export Inspections report tallied soybean shipments at 784,187 MT in the week that ended on Thursday. That was more than double the same week last year and up 55.4% vs. the week prior on a 4-week high. YTD shipments since September 1 are 48.5 MMT, bringing the total to within 13.2% of last year’s pace. 

April soybean crush data out of NOPA indicated 169.788 mbu of beans were crushed during the month. That was well above last year, but shy of the 172.37 mbu estimate and the 2020 record. Soy oil stocks were slightly below estimates at 1.814 billion lbs. 

Jul 22 Soybeans  closed at $16.56 1/2, up 10 cents, and are down 3 ¼ cents this morning

Nearby Cash  was $16.23, up 9 1/2 cents,

Aug 22 Soybeans  closed at $16.07 1/4, up 11 3/4 cents, and are down 3 ¾ cents this morning

Jan 23 Soybeans  closed at $15.13 1/4, up 13 3/4 cents, and are down 5 ¾ cents this morning

New Crop Cash  was $14.67 1/2, up 13 3/8 cents,