Soybeans Weaker to Start Midweek Trade
Soybeans are trading with losses of 3 to 4 cents early on Wednesday. Futures posted 3 to 10 ¼ cent losses across most contracts on Tuesday. Preliminary open interest dropped 2,226 contracts on Tuesday. The cmdtyView national average Cash Bean price was down 8 3/4 cents at $9.81. Soymeal futures were down $1.30 to $1.90/ton, as Soy Oil was up 4 to 18 points. Another 139 deliveries were issued against July meal futures overnight, taking the total to 4,047 for the month.
Crop Progress data showed 32% of the US soybean crop looming by Sunday, slightly ahead of the 31% average, with 8% setting pods. Condition ratings were steady at 66% gd/ex, with the Brugler500 index up 1 point to 369. Ratings in IL were down 2 points, with OH losing 6 points. Improvement was noted in IN (+3), IA (+6), NE (+7), and SD (+11).
The EU commission estimates EU soybean imports at 14.52 MMT for the 2024/25 MY from July 1 of last year to June 30, up from 13.2 MMT last year.
Jul 25 Soybeans closed at $10.24 1/4, down 7 1/2 cents, currently unch
Nearby Cash was $9.81, down 8 3/4 cents,
Aug 25 Soybeans closed at $10.21 1/4, down 10 1/4 cents, currently down 3 cents
Nov 25 Soybeans closed at $10.17 1/2, down 3 1/4 cents, currently down 3 cents
New Crop Cash was $9.69 3/4, down 3 1/2 cents,
On the date of publication, Austin Schroeder 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.