Soybeans are posting 4 to 7 cent losses on your Thursday morning, as trading resumes following the Juneteenth holiday. They saw some spreading on Tuesday, as old crop contracts were up 10 to 16 ¼ cents and other contracts for new crop were up a penny to 4 ¼ cents. Deferred 2025 crop contracts and beyond were down fractionally to 1 ½ cents. Soymeal futures were up 30 cents to $4.30/ton in the front months on Tuesday, as back months down 30 to 50 cents. Soy Oil futures posted 45 to 59 point gains at the close.
Chinese soybean futures at Dalian were up 0.26% Wednesday while the US market was closed.
The weekly NASS Crop Progress report indicated US condition ratings down 2% to 70% gd/ex. The Brugler500 index, taking in all 5 ratings categories, was 3 points lower to 376. Much of the crop deterioration came from IL, down 17 points, with ON 7 points lower and SD down 10. Ratings in IA were up 1 point, with NE 3 points better, OH up 4, and MO improving 7 points.
Brazilian crusher group Abiove trimmed their projection for Brazil’s soybean crop by 1.4 MMT to 152.5 MMT on Tuesday. That is still well above the CONAB projection, but more in line with the USDA.
Jul 24 Soybeans closed at $11.74, up 16 1/4 cents, currently down 4 ¾ cents
Nearby Cash was $11.20 5/8, up 17 cents,
Aug 24 Soybeans closed at $11.56, up 10 cents, currently down 4 ¾ cents
Nov 24 Soybeans closed at $11.32, up 1 3/4 cents, currently down 6 ½ cents
New Crop Cash was $10.76 1/2, up 2 1/4 cents,
On the date of publication, Alan Brugler 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
