Soybeans Showing Early Weakness on Tuesday, as Crop Ratings Tick Higher

Soybeans are slipping back 1 to 7 cents so far early on Tuesday morning. Futures were in rally mode on Monday, with contracts posting 20 to 23 1/4 cent gains and other contracts 10 ¾ to 18 ¼ cents higher. Preliminary open interest rose 14,871 contracts on Monday, suggesting new buying interest. The cmdtyView national average Cash Bean price is up 23 1/4 cents at $11.89. Soymeal futures are up $3.30 to $5.40 higher at the close, with Soy Oil futures down 11 to 57 points. 

Crop Progress data from NASS showed 66% of the US soybean crop blooming by 7/19, up 6% from normal, with 32% setting pods and 8 percentage points faster than normal. Condition ratings were improved 1% at 66% gd/ex, with the Brugler500 index up 2 to 369.

Monday morning’s Export Inspections report showed soybean shipments of 296,972 MT (10.91 mbu) in the week of 7/16. That was down 33.72% from the week prior and 21.24% shy of same week last year. The marketing year total is now 38.62 MMT (1.418 bbu) of shipments, which is now 17.53% below the same period last year.

Aug 26 Soybeans  closed at $12.26, up 21 1/2 cents, currently down 7 1/2 cents

Nearby Cash  was $11.89, up 23 1/4 cents,

Sep 26 Soybeans  closed at $12.15 1/2, up 22 cents, currently down 4 1/2 cents

Nov 26 Soybeans  closed at $12.26 1/4, up 23 1/4 cents, currently down 1 1/2 cents

New Crop Cash  was $11.67 3/4, up 23 3/4 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.