Soybeans Extending Bounce to Wednesday Morning
The soybean market is trading with gains of 5 to 7 cents so far on Wednesday morning. Soybeans found some recovery on Tuesday following recent weakness, with contracts up 4 to 7 ¼ cents. Preliminary open interest was up 1,073 contracts, as July slipped back 5,140 contracts. The cmdtyView Cash Bean price was up 7 1/2 cents to $9.95 1/4. Soymeal futures were steady to 40 cents higher/ton, as Soy Oil were back up 53 points. Some support came from reports that President Trump and Chinese president Xi will speak later this week.
Crop Progress data showed the US soybean initial condition ratings at 67% in good/excellent condition. 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).
After rains across the WCB in the last couple days, precip is expected to shift east this week, with things drying off starting Saturday for much of the Corn Belt.
EU soybean imports since last July have totaled 12.94 MMT as of June 1, which is slightly ahead of the 12.13 MMT from last year
Jul 25 Soybeans closed at $10.40 3/4, up 7 1/4 cents, currently up 6 1/2 cents
Nearby Cash was $9.95 1/4, up 7 1/2 cents,
Aug 25 Soybeans closed at $10.34 1/4, up 7 cents, currently up 6 1/2 cents
Nov 25 Soybeans closed at $10.21 1/2, up 4 1/2 cents, currently up 5 cents
New Crop Cash was $9.62 1/1, up 5 1/2 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.