Soybean Fading Off Early Gains for Midday Losses
Soybeans are down 1 to 2 ¼ cents in most contracts so far on Tuesday, shrugging off the early Tuesday gains. The cmdtyView national average Cash Bean price is down 2 ¼ cents at $9.34 ¼. Soymeal futures a posting 10 cent losses in the front months. Soy Oil futures are down 50 to 53 points as crude oil pressure continues to mount. Another 252 contracts were issued for August meal overnight, with 76 issued for August bean oil.
June soybean exports were tallied at 1.501 MMT (55.14 mbu) according to Census, which was up 12.07% from last year but down 5.93% from May. Soybean meal exports were a June record of 1.34 MMT, down 2.71% from May on the shorter calendar. Bean oil exports dropped off in June to 42,458 MT, an 8-month low and 18.84% below June 2024.
Crop Progress data from NASS on Monday afternoon showed 85% of the US bean crop blooming by Sunday, with 58% setting pods, both near normal. Soybean conditions were down 1% to 69% gd/ex, with the Brugler500 index dropping back 3 points to 375 on a 1% move from good to very poor. IL saw a 7 point drop, with NE down 5, MO slipping 4, and IA down 2. Improvement was noted in IN and MN, up 3, with OH up 1 and the Dakotas up 2 to 3.
Aug 25 Soybeans are at $9.69 1/2, up 1/2 cent,
Nearby Cash is at $9.35 1/4, down 2 1/4 cents,
Sep 25 Soybeans are at $9.73, down 2 1/4 cents,
Nov 25 Soybeans are at $9.92 3/4, down 1 3/4 cents,
New Crop Cash is at $9.25 3/4, down 1 1/4 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.