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Soybeans Weaker on Tuesday Morning

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Austin Schroeder

2 min read

In This Article:

Handfull of soybeans via Pixabay

Handfull of soybeans via Pixabay

Soybeans are slipping back another 4 to 6 ½ cents so far on Tuesday. Futures were down 9 to 15 cents across most contracts on Monday, as the bean oil market faced crude oil pressure.  The cmdtyView national average Cash Bean price was down 9 1/4 cents at $10.11 1/2. Soymeal futures were $1.50 to $1.80/ton lower. Soy Oil is trading with midday losses of 135 points. Crude oil was down $6.70 at the close, as the market is failed much upside follow through reaction following the Iranian strikes on US bases in Qatar. Late on Monday the US announced a ceasefire for Tuesday morning between Israel and Iran.

The weekly USDA crop progress report showed US soybean planting progressing just 3% in the week ending on Sunday, to 96% complete, lagging the five year average of 97%. Emergence was at 90%, matching the average pace, with 8% blooming, up from the normal 7%. Traders had been expecting crop conditions to improve, though USDA data showed steady ratings at 66% gd/ex. The Brugler500 index was unchanged at 367.

USDA tallied soybean export shipments at just 192,890 MT (7.09 mbu) during the week ending on June 19. That was a MY low, down 13.7% from last week and 44.9% below the same week last year. Of that total, just 63,382 MT was headed to Germany, with 558,883 MT on its way to Mexico. Marketing year exports have totaled 45.62 MMT (1.676 bbu), which is 10.6% above the same period last year.

Commitment of Traders data indicated that soybean speculators were increasing their net long position by 33,526 contracts in the week ending last Tuesday. As of June 17th, their net long was 59,165 contracts.

Jul 25 Soybeans  closed at $10.58 3/4, down 9 1/4 cents, currently down 4 cents

Nearby Cash  was $10.11 1/2, down 9 1/4 cents,

Aug 25 Soybeans  closed at $10.62, down 9 1/2 cents, currently down 4 3/4 cents

Nov 25 Soybeans  closed at $10.46 3/4, down 14 cents, currently down 6 1/2 cents

New Crop Cash  was $9.93, down 14 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