Soybeans slipped lower on the Monday session, with contracts fractionally to 4 cents in the red. The cmdtyView national average Cash Bean price was down 3 ¼ cents at $9.61 1/2. Soymeal futures were down $1.50 to $2.60/ton, as Soy Oil was 25 to 42 points higher.
Monday afternoon’s Crop Progress data indicated 47% of US soybean crop was blooming by Sunday even with the 5-year average, with% setting pods. Ratings were up 4% to 70%, with the Brugler500 index taking all 5 ratings into account up 7 points to 376.
Over the weekend President Trump announced a 30% tariff on the EU and Mexico starting on August 1. On Monday morning, Trump threatened Russian with secondary tariffs (on Russian trade partners) if there is no deal to end the Russian/Ukraine war in 50 days.
USDA tallied soybean export shipments at 147,045 MMT (5.4 mbu) during the week ending on July 10. That was down 63.2% from last week and 16.1% below the same week last year. Mexico was the largest buyer of 32,507 MT in that week. Marketing year exports have totaled 46.411 MMT (1.705 bbu), which is 10.4% above the same period last year.
Rains are expected to be rather widespread this next week, with much of the Corn Belt seeing at least an inch, with the Central Corn Belt upwards of 2-3 inches.
NOPA data will be updated on Tuesday, with traders looking for an average of 185.19 mbu of soybeans crushed during June, which would be up nearly 10 mbu from last year. Soybean oil stocks are seen at an average of 1.374 billion lbs.
Chinese soybean imports were tallied at a June record 12.26 MMT, which was still shy of the 13.92 MMT in May.
Jul 25 Soybeans closed at $9.97, down 7 cents,
Nearby Cash was $9.61 1/2, down 3 1/4 cents,
Aug 25 Soybeans closed at $10.01, down 3 1/4 cents,
Nov 25 Soybeans closed at $10.07, down 1/4 cent,
New Crop Cash was $9.57 1/4, down 1/2 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.
