Soybeans Resuming Losses on Wednesday
Soybean futures are heading lower on Wednesday, with losses of 7 to 8 ½ cents. CME reported preliminary open interest up 4,577 contracts on Tuesday. The cmdtyView national average Cash Bean price is down 8 1/2 cents at $9.25 3/4. Soymeal futures are heading back lower, down $5.10 to $6.30. Soy Oil futures are back up 10 to 31 points. There were 518 delivery notices for August soybean meal overnight, with none issued for soybeans and soybean oil.
Temps are expected to warm up for a good portion of the central and eastern corn belt through the weekend. Precip is seen as limited through Frida, with some forecast for ND an scattered totals in IA and WI. The early part of next week is showing 1 to 2 inch totals expected for southern NE, IA, northern MO, and WI.
Following threats of increased tariffs if India doesn’t stop purchasing Russian oil, President Trump is set to raise tariffs by 25% to 50% on India starting on August 27 if they continue to import Russian oil.
Aug 25 Soybeans are at $9.62, down 7 cents,
Nearby Cash is at $9.25 3/4, down 8 1/2 cents,
Sep 25 Soybeans are at $9.62 3/4, down 8 3/4 cents,
Nov 25 Soybeans are at $9.82 1/4, down 8 1/2 cents,
New Crop Cash is at $9.14 3/4, down 8 3/4 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.