Soybeans Falling, with Weaker Products Adding Pressure
Soybeans are trading with contracts falling 12 to 14 cents at midday. The cmdtyView Cash Bean price is down 13 1/4 cents to $10.02 3/4. Soymeal futures are down $2.20/ton on the day, with Soy Oil futures 54 points lower.
Crop Progress data from Tuesday afternoon showed 76% of the crop planted as of Sunday, ahead of the 68% average pace but shy of the average trade guess of 77%. Of the 18 major states, just KY (-5%), MS (-7%), and OH (-10%) were all lagging their respective 5-year averages. The national crop was 50% emerged, faster than the 40% average. Conditions will be reported next Monday.
Rains are expected to be scattered over the next week, with the heaviest falling in the southern portions of the ECB and parts of the Plains.
Jul 25 Soybeans are at $10.49 1/4, down 13 1/4 cents,
Nearby Cash is at $10.02 3/4, down 13 1/4 cents,
Aug 25 Soybeans are at $10.46, down 12 cents,
Nov 25 Soybeans are at $10.37 3/4, down 13 cents,
New Crop Cash is at $9.76 1/1, down 12 1/4 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.