Soybeans Sees Buying Action on Wednesday Morning

Bottom pickers took a chance on soybeans on Tuesday night. This morning, they are up 16 ¼ to 19 ¼ cents. Soybean futures were down 22 to 31 ¼ cents in the new crop months on Tuesday, with Nearby Sep down 39 ¾. The products provided no support, with meal down $16.30/ton and bean oil 110 points lower. Preliminary open interest for soybeans shows some net new selling interest, rising 3,869 contracts on the day. 

USDA reported a sale of 228,606 MT of soybeans to Mexico for new crop via their daily reporting system on Tuesday morning, but Chinese interest has been absent. That might have something to do with Taiwan!

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, they are up 19 ¼ cents this morning

Nearby Cash   was $14.22 5/8, down 31 1/4 cents,

Nov 22 Soybeans  closed at $13.81, down 31 1/4 cents, they are up 16 ½ cents this morning

Jan 23 Soybeans  closed at $13.88, down 31 cents, they are up 16 ¼ cents this morning

New Crop Cash   was $13.29 3/8, down 31 5/8 cents,