Soybeans Watching Mixed Action on Tuesday
Soybeans have traded on a 2-cent lower contract in the previous months, bringing closer to penny’s profits with new crops. 503 delivery items were issued overnight. CMDTyview National Average Cash Bean priced at Doupwn 7 3/4 cents for $9.89 3/4. Soybean oil has risen 95 points, which means it has dropped by $2.40 so far on the day. Another 642 contracts were issued for one night delivery for a July bean meal, with only seven bean oils in July.
The NASS Crop Progress Report tallyed 94% of US soy crops, with 17% blooming and 3% stopped one point ahead of the average five-year pace. Crop ratings are stable at 66% good/excellent, with a Brugler500 index improving by 1 point in a shift from Good to Excellent at 368. In 18 major states, AR rose 11 and LA 15 points, SD rose 10 points, SD 9 points improved, IL rating reduced 14 points, 5 points and MN 3 points.
USDA Grain Inventory Report from Monday Morning showed 1.007 BBU of soy stock on June 1st. This was 37 MBU larger than the previous year, but far exceeding the 974 MBU estimate. The annual area report showed 83.8 million acres of soybeans were planted. This was shy of estimates of trade of 83.5 million soy acres and 115,000 acres from future planting reports in March.
Ahead of this afternoon’s Fats & Oils report, the trade is looking for 204.9 MBU of soybeans that were crushed during May.
According to ANEC, Brazil’s exports were estimated at 13.93 MMT in June. This was an increase of 0.1 mmt from the previous number. Stonex estimates Brazilian soy crops at 168.75 mmt, an increase of 0.5 mmt from the previous number.
On July 25th, the soybeans were 10.22 3/4, down 1 1/2 cents.
Cash nearby is $9.89 3/4, rising 7 3/4 cents.
Soybeans on August 25th will be reduced by $10.29, 3/4 cents
On November 25th, soybeans increased by 10.27 1/4, or 1/4 cents.
New crop cache is up 3 cents by $9.79 1/2
On the date of publication, Austin Schroeder had no position (directly or indirectly) in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. This article was originally published barchart.com