Soybeans Showing Modest Wednesday Morning Pullback

Soybeans are trading with Wednesday morning 1 to 2 cent losses. Futures posted late session strength on Tuesday, with contracts rallying 10 ¾ to 22 ¼ cents on the day, led by the front months. Open interest was up 11,225 contracts on Tuesday, suggesting new buying. The cmdtyView national average Cash Bean price was up 21 1/2 cents at $12.47 1/2. Soymeal futures were up $5.40 to $7.70, with Soy Oil futures 28 to 63 points higher.

Monthly export data from Census showed 1.465 MMT (53.82 mbu) of soybeans shipped in August, which was down 22.54% from last month and 36.1% below from last year. Soybean meal exports were a record at 1.366 MMT in August.

The NASS Crop Progress report from Monday indicated harvest was just 25% complete, now 8 percentage points behind normal. A noticeable lag was seen in IA (-33%), MI (-13%), MN (-26%), NE (-25%), OH (-12%), SD (-17%), and WI (-16%). Condition ratings were down 1% to 57% gd/ex, with the Brugler500 index slipping 2 to 350.

Brazil trade ministry data showed a total of 7.36 MMT of soybean exports in September, which was up just 0.24% from last year and 25% below last month

Nov 26 Soybeans  closed at $13.03, up 22 1/4 cents, currently down 1 cent

Nearby Cash  was $12.47 1/2, up 21 1/2 cents,

Jan 27 Soybeans  closed at $13.19 1/4, up 21 3/4 cents, currently down 1 1/4 cents

Mar 27 Soybeans  closed at $13.28 3/4, up 20 3/4 cents, currently down 1 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.