Soybeans Ease Lower on Turnaround Tuesday

Soybeans posted Turnaround Tuesday losses of 3 to 6 1/2 cents on the session pulling off early lows. The cmdtyView national average Cash Bean price was down a nickel at $11.84. Soymeal futures were $2.80 to $3.00 higher, with Soy Oil futures down 45 to 50 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% to 66% gd/ex, with the Brugler500 index up 2 to 369. Deterioration was noted in MO (-1), ND (-4) and SD (-7).  Ratings improved in IL (+6), IA (+9), MN (+2), NE (+5), and OH (+4).

The 7-day QPF from NOAA showed a band of 1 to 2 inches of rain in parts of NE, KS, and MO, as well as OH in the next week. The Dakotas, MN, WI, IA, IL, and IN remain on the dries side, with less than 0.5 inches expected.

Aug 26 Soybeans  closed at $12.19 1/2, down 6 1/2 cents,

Nearby Cash  was $11.84 1/1, down 5 cents,

Sep 26 Soybeans  closed at $12.10 1/2, down 5 cents,

Nov 26 Soybeans  closed at $12.22 3/4, down 3 1/2 cents,

New Crop Cash  was $11.63 1/4, down 3 1/2 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.