
Beans broke after the 4th of July break, and are giving back as much as 85 1/2 cents through midday. Soymeal prices are also 1.7% to 3% in the red with $11/ton losses. BO prices are down the most with 7.6% to 9% losses of a nickel/pound.
Weekly Crop Progress data will be released after the close, as NASS recognized the July 4th on Monday.
Barchart raised their new crop soybean production figures via press release this morning, calling for a 4.606 bbu crop on 89.94m harvested acres. That is a 91 mbu (2%) increase from their prior estimate as the national cmdtyView Bean Yield was upped almost a full bushel/acre to 51.22. At the state level, cmdtyView sees IL fields yielding 59.48 bpa, and both IA and NE at 57 and 57.5. North Dakota soybeans are forecasted to yield 36 bpa.
USDA’s weekly Export Inspections report showed 354,987 MT of soybeans were shipped during the week that ended 6/30. That was down 120,569 MT wk/wk but was above the 219k MT shipped during the same week last year. Mexico was the week’s top destination with 36% of the total. MYTD soybean shipments reached 51.7 MMT compared to 57.6 MMT at the same point last year.
Jul 22 Soybeans are at $15.86 1/2, down 39 1/2 cents,
Nearby Cash is at $14.66 1/1, down 70 1/2 cents,
Aug 22 Soybeans are at $14.37 1/2, down 72 1/4 cents,
Nov 22 Soybeans are at $13.12, down 83 1/4 cents,
New Crop Cash is at $12.64 3/4, down 80 1/8 cents,