Soybeans Slipping in Early Wednesday Trade
The soybean market is trading with contracts 2 to 3 cents on the weaker side of unchanged. Soybeans saw strength on Tuesday, as contracts were steady to 3 cents higher across most months. Preliminary open interest rose 8,893 contracts on Tuesday. The cmdtyView Cash Bean price was up 3 3/4 cents to $10.15. Soymeal futures were a dime higher to 40 cents/ton lower on the day, with Soy Oil futures up 4 to 25 points.
Weekly Export Inspections data tallied soybean shipments at just 194,904 MT (7.16 mbu) in the week that ended on May 22. That was back down 12.6% from the week prior and 13.5% below the same week last year. Egypt was the largest destination of 53,244 MT, with 51,539 MT headed to Mexico. Marketing year shipments are now 44.34 MMT (1.629 bbu), an increase of 11% from the same week last year.
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%. The crop was 50% emerged, faster than the 40% average. Conditions will be reported next Monday.
Jul 25 Soybeans closed at $10.62 1/2, up 2 1/4 cents, currently down 2 1/2 cents
Nearby Cash was $10.15 1/1, up 3 3/4 cents,
Aug 25 Soybeans closed at $10.58, up 2 cents, currently down 2 cents
Nov 25 Soybeans closed at $10.50 3/4, up 1/4 cent, currently down 2 1/2 cents
New Crop Cash was $9.88 1/4, up 3/4 cent,
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.