Soybean futures showed follow through from the Monday session, with new crop contracts down 22 to 31 ¼ cents on the day. Nearby Sep was down 39 ¾. The products provided no support, with meal down $16.30/ton and bean oil 110 points lower.
USDA reported a sale of 228,606 MT of soybeans to Mexico for new crop via their daily reporting system this morning.
The updated Barchart soybean yield forecast is 51.4 bpa, a slight increase over the previous number form early August.
Monday’s Crop Progress report from NASS showed just 6 states were reported ahead of their average pace (LA, MI, MS, NE, NC, and OH). The largest drops in condition ratings were in KS (-18), IA (-13) and SD (-12), with NE also down 9 points and IL 4 points lower. Notable rating increases came in IN, MN, ND and OH.
Sep 22 Soybeans closed at $14.54 1/4, down 39 3/4 cents,
Nearby Cash was $14.22 5/8, down 31 1/4 cents,
Nov 22 Soybeans closed at $13.81, down 31 1/4 cents,
Jan 23 Soybeans closed at $13.88, down 31 cents,
New Crop Cash was $13.29 3/8, down 31 5/8 cents,
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