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Soybeans Putting on Turnaround Tuesday Morning BounceSoybeans are posting 3 to 6 cent higher trade on Tuesday morning. They stumbled out of bed on Monday with contracts dropping all the way into the close. Futures ended the session with losses of 18 to 27 cents. Soymeal futures were down $5 to $7/ton on the day, with August at a 3-month low. Soy Oil contracts were 23 to 111 points lower at the closing bell. Crop Progress data showed 51% of US soybeans were blooming as of July 14, 7% faster than normal. About 18% of the acreage was setting pods on that date, ahead of the average pace by 6%. Soybean condition ratings were unchanged at 68% good/excellent, with a 1% shift from excellent to good, taking the Brugler500 index down 1 point to 370. Trade ideas had anticipated a 1% increase to 69% gd/ex. The USDA Export Inspections report indicated 168,593 MT (6.2 mbu) of soybeans shipped in the week that ended on July 11. That was 4.8% above the same week last year, but down 42.7% from the previous week. Mexico was the destination for 65,762 MT. Year to date exports are 42.02 MMT (1.543 bbu) so far, down 15.8% from the previous year. NOPA released June crush data yesterday morning, indicating members crushed 175.6 mbu of soybeans during the month. That slipped 4.37% from the May total due to one less calendar day but was up 6.41% vs. last year. NOPA member soy oil stocks were below estimates at 1.622 billion lbs at the end of June. Aug 24 Soybeans closed at $10.78, down 27 cents, currently up 5 1/2 cents Nearby Cash was $10.45 1/8, down 26 1/2 cents, Sep 24 Soybeans closed at $10.33 3/4, down 24 3/4 cents, currently up 3 1/4 cents Jan 25 Soybeans closed at $10.55, down 25 3/4 cents, currently up 3 1/2 cents New Crop Cash was $9.86 7/8, down 25 cents, On the date of publication, Alan Brugler 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. |
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