Soybeans Sliding into Midday
Soybeans are steady to 3 cents lower so far as we trade through the Tuesday session. Soymeal futures are back down $4/ton. Soy Oil futures are up 14 points in the July contract
A private export sale of 104,000 MT of old crop soybeans to China was reported by USDA this morning.
USDA NASS reported that 87% of the US soybean crop was planted as of Sunday. Traders on average expected USDA to show 89% of the US crop planted. The initial soybean crop condition assessment showed 72% in good or excellent condition. The Brugler500 Index was 379, matching conditions in 2020 for this week and also similar to 2018 and 2016. Of all the 18 major states, just 2 (KY and LA) saw condition ratings below the same week last year.
Malaysian Palm Oil production rose 13.5% in May to 1.70 MMT according to the MPOB, a little more than trade expectations for 1.65 mmt.
Trade estimates for Wednesday’s USDA reports average 346-350 million bushels for old crop US soybeans and 448-457 million for new crop. On average, traders are looking for a 2 MMT drop in Brazilian bean production from to 152 MMT. Argentine soybean production is expected to see little to no change at 50 MMT.
Jul 24 Soybeans are at $11.88 1/4, unch,
Nearby Cash is at $11.31 1/8, up 3/8 cent,
Aug 24 Soybeans are at $11.79 1/2, down 3 1/4 cents,
Nov 24 Soybeans are at $11.57, down 1 3/4 cents,
New Crop Cash is at $11.01 1/2, down 1 5/8 cents,
On the date of publication, Alan Brugler 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.