Soybeans Pullback into Wednesday’s Close
Soybean futures settled Wednesday with 12 to 14 cent losses, as weaker products and lack of bullish news sent the market lower. The cmdtyView Cash Bean price was down 13 1/4 cents to $10.02 3/4. Soymeal futures were down $1.90 to $2.60/ton on the day, with Soy Oil futures 44 to 67 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 totals falling in the southern portions of the Eastern Corn Belt and parts of the Plains.
Export Sales data is pushed back to a Friday AM release thanks to the Monday holiday.
Jul 25 Soybeans closed at $10.48 1/2, down 14 cents,
Nearby Cash was $10.02 3/4, down 13 1/4 cents,
Aug 25 Soybeans closed at $10.45 1/4, down 12 3/4 cents,
Nov 25 Soybeans closed at $10.37 1/2, down 13 1/4 cents,
New Crop Cash was $9.75, down 13 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.