Soybeans Slipping on Wednesday Morning as Conditions Hold Steady

Soybeans are trading with losses of 1 to 2 cents early on Wednesday. Futures closed the day with contracts 6 ½ to 10 cent gains across the board on Tuesday. Open interest was up 21,350 contracts, suggesting new buying interest. The cmdtyView national average Cash Bean price was up 6 1/2 cents at $12.57 1/4. Soymeal futures were down $1.50 to $5.30 at the close, with Soy Oil 94 to 155 points higher. There were no deliveries against September soybean futures overnight, with 38 deliveries for September meal and 11 for bean oil. 

Monday’s Crop Progress data from NASS showed 26% of the US soybean crop dropping leaves. Condition ratings were steady at 58% gd/ex, with the Brugler500 index unchanged at 353.

USDA’s FGIS tallied soybean export shipments at 422,016 MT (15.5 mbu) during the week ending on September 3. That was 48.57% above the week prior and 9.66% lower than the same week last year. Of that, 212,196 MT was for old crop, with the marketing year total via Inspections data at 40.89 MMT (3.34 bbu). There was 209,820 MT shipped for new crop.  Egypt was the top destination of 115,187 MT, with 72,520 MT headed to Italy and 58,374 MT to Germany.

StoneX left their projection for the US soybean yield at 53 bpa on Tuesday, with acreage raised due to the USDA changes from August, and production pegged at 4.547 bbu. 

Chinese import data showed August imports at 12.14 MMT, which was up 5.7% from the same month last year.

Sep 26 Soybeans  closed at $13.02 1/2, up 8 3/4 cents, currently down 1 1/4 cents

Nearby Cash  was $12.57 1/4, up 6 1/2 cents,

Nov 26 Soybeans  closed at $13.16 1/4, up 6 1/2 cents, currently down 1 1/4 cents

Jan 27 Soybeans  closed at $13.32, up 7 cents, currently down 1 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.