Austin Schroeder
2 min read
Soybeans are 1 to 2 cents higher so far on Wednesday. The soybean market closed out the Tuesday session with contracts 4 to 8 cents higher. Preliminary open interest saw a drop of 9,038 contracts, with 23,790 contracts exiting July. The cmdtyView Cash Bean price was up 4 ½ cents to $10.25. Soymeal futures were up $1.40 to $3.20/ton. Soy Oil saw a slight pullback, with losses of 9 to 32 points in the nearbys.
The markets will be closed on Thursday in observance of Juneteenth, with the government closed as well and reports pushed back a day.
The weekly USDA crop progress report showed a 2% drop in soybean conditions to 66% gd/ex. The Brugler500 index dropped 5 points to 367. Improvement was noted in NE (4), with SD (+3), NC and TN also higher. Ratings dropped in IL and IA (-1), with IN, MO, and ND all 3 points lower.
EU Soybean imports are tallied at 13.58 MMT as of June 15 (since July 1), which is up from the 12.65 MMT in the same period last year. Brazilian soybean exports are projected to total 14.37 MMT in June, above the 14.08 MMT estimate from last week.
Jul 25 Soybeans closed at $10.74, up 4 1/4 cents, currently up 1 cent
Nearby Cash was $10.25 1/1, up 4 1/2 cents,
Aug 25 Soybeans closed at $10.76 1/4, up 4 1/2 cents, currently up 1 1/4 cents
Nov 25 Soybeans closed at $10.67 3/4, up 7 1/4 cents, currently up 1 1/4 cents
New Crop Cash was $10.14 3/4, up 8 1/4 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. This article was originally published on Barchart.com
