Soybeans Showing Early Weakness on Tuesday, as Crop Ratings Tick Higher
Soybeans are slipping back 1 to 7 cents so far early on Tuesday morning. Futures were in rally mode on Monday, with contracts posting 20 to 23 1/4 cent gains and other contracts 10 ¾ to 18 ¼ cents higher. Preliminary open interest rose 14,871 contracts on Monday, suggesting new buying interest. The cmdtyView national average Cash Bean price is up 23 1/4 cents at $11.89. Soymeal futures are up $3.30 to $5.40 higher at the close, with Soy Oil futures down 11 to 57 points.
Crop Progress data from NASS showed 66% of the US soybean crop blooming by 7/19, up 6% from normal, with 32% setting pods and 8 percentage points faster than normal. Condition ratings were improved 1% at 66% gd/ex, with the Brugler500 index up 2 to 369.
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Monday morning’s Export Inspections report showed soybean shipments of 296,972 MT (10.91 mbu) in the week of 7/16. That was down 33.72% from the week prior and 21.24% shy of same week last year. The marketing year total is now 38.62 MMT (1.418 bbu) of shipments, which is now 17.53% below the same period last year.
Aug 26 Soybeans closed at $12.26, up 21 1/2 cents, currently down 7 1/2 cents
Nearby Cash was $11.89, up 23 1/4 cents,
Sep 26 Soybeans closed at $12.15 1/2, up 22 cents, currently down 4 1/2 cents
Nov 26 Soybeans closed at $12.26 1/4, up 23 1/4 cents, currently down 1 1/2 cents
New Crop Cash was $11.67 3/4, up 23 3/4 cents,
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