Soybean prices are mixed at midday on Tuesday, with nearby August down around 2 cents as this is written, while new crop contracts (November and later) are up 1 cent or more per bushel from the Monday settlement. Bean prices were under pressure on Monday, and were down 9 to 13 cents at the close. Preliminary open interest was up 1,685 contracts on Monday, suggesting new selling interest. The cmdtyView national average new crop Cash Bean price is up ½ cent today at $9.77 3/4. Soymeal futures are up $2.10 to $2.50/ton. Renewable diesel input Soy Oil is suffering from weakness in the energy markets, down 25 to 30 points. August crude is down almost $1 per barrel at midday.
The Monday afternoon Crop Progress report from USDA showed 62% of the US bean crop blooming, with 26% setting pods. Condition ratings slipped 2% from the previous week to 68% in the good/excellent categories, as the broader Brugler500 index was down 2 points to 373. Iowa was rated 80% good or excellent, while the states east of the Mississippi River are at 60% or below. The national decline for the week was primarily in ND and KS, with Ohio and SD improving the most.
USDA reported soybean export inspections for the week ending July 17 totaled 364,990 metric tonnes (MT), up modestly from 338,255 MT a year ago and sharply higher than the 151.346 MT reported last week (after today’s revisions).
Aug 25 Soybeans are at $10.13 1/4, down 1 3/4 cents,
Nearby Cash is at $9.76, down 1 cents,
Sep 25 Soybeans are at $10.09 1/2, down 1 cent,
Jan 26 Soybeans are at $10.44 1/2, up 3/4 cent,
New Crop Cash is at $9.77 1/2, up 1/4 cent,
