Soybeans Holding Gains at Midday
Soybeans are trading with Tuesday gains of 4 to 7 cent gains at midday. The cmdtyView Cash Bean price is up 6 3/4 cents to $9.95 1/2. Soymeal futures are up 30 cents at midday, as Soy Oil are back up 62 points.
Crop Progress data showed the US soybean crop at 84% planted, now 4 percentage points ahead of normal, with 63% emerged, leading the 57% 5-year average pace. Planting progress in the east continues to lag, with IN (-2%), KY (-6%) and OH (-11%) both behind, as well as MS (-8%), Initial condition ratings were released, with 67% of the crop in good/excellent condition, matching trade ideas. That translates to a 370 on the Brugler500 index, which is down from the 379 initial score from last year. Notable changes vs. the initial ratings from a year ago were in OH (-41), SD (-42), NE (-21), and IA (+12).
The NASS Fats & Oils report was released after the Monday close, with a total of 202.4 mbu of soybeans crushed during Apil, exceeding estimates. That was a drop of 2.11% from last month, but 13.98% above April 2024. Total soybean oil stocks took a 5% dip from last month to 1.975 billion lbs, which was still 14.5% below the end of April 2024.
Jul 25 Soybeans are at $10.40 1/4, up 6 3/4 cents,
Nearby Cash is at $9.95 1/2, up 6 3/4 cents,
Aug 25 Soybeans are at $10.34, up 6 3/4 cents,
Nov 25 Soybeans are at $10.21 1/2, up 4 1/2 cents,
New Crop Cash is at $9.61 1/4, up 4 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.