Soybeans are seeing a bounce so far on Wednesday morning, with contracts up 1 to 3 cents. Futures reverted from the midsession gains on Tuesday, as contracts closed with losses of 3 to 4 cents. CME reported preliminary open interest up 4,577 contracts on Tuesday. The cmdtyView national average Cash Bean price was down 4 cents at $9.33 ¼. Soymeal futures were mixed, within 30 cents of unchanged. Soy Oil futures are down 57 to 74 points as crude oil pressure continues to mount. There were 518 delivery notices for August soybean meal overnight, with none issued for soybeans and soybean oil.
June soybean exports were tallied at 1.501 MMT (55.14 mbu) according to Census, which was up 12.07% from last year but down 5.93% from May. Soybean meal exports were a June record of 1.34 MMT, down 2.71% from May on the shorter calendar. Bean oil exports dropped off in June to 42,458 MT, an 8-month low and 18.84% below June 2024.
Crop Progress data from NASS on Monday afternoon showed soybean conditions down 1% to 69% gd/ex, with the Brugler500 index dropping back 3 points to 375 on a 1% move from good to very poor. IL saw a 7 point drop, with NE down 5, MO slipping 4, and IA down 2. Improvement was noted in IN and MN, up 3, with OH up 1 and the Dakotas up 2 to 3.
Aug 25 Soybeans closed at $9.69, unch, currently up 1 cents
Nearby Cash was $9.33 1/4, down 4 cents,
Sep 25 Soybeans closed at $9.71 1/2, down 3 3/4 cents, currently up 4 cents
Nov 25 Soybeans closed at $9.90 3/4, down 3 3/4 cents, currently up 3 1/2 cents
New Crop Cash was $9.23 3/4, down 3 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.
