Soybean are posting lower trade on Tuesday morning, with contracts down 8 to 11 cents. Futures closed the Monday session with contracts bear spreading, as the front months were just fractionally higher. Other contracts were up 3 to 8 ¼ cents. Soymeal futures popped back to start the fresh week, as contracts were down $1.50 to $5.40/ton. Soy Oil was up 71 to 87 points on reports that President Biden is considering placing tariffs on Chinese used cooking oil imports.
The weekly Crop Progress report from NASS pegged the US soybean crop at 35% planted by Sunday, a 10% increase on the week. That is now just 1% above the 5-year average pace and lags last year by 10%. Emergence of the crop was 16%, with the average at 10%.
The USDA Export Inspections report tallied 406,052 MT (15 mbu) of soybeans shipped during the week of 5/9. That was a 3-week high and more than double the same week last year. Of the total, 141,328 MT was headed to Egyptian importers, with 72,471 MT on its way to China. Cumulative export inspections are now 39.537 MMT (1.45 bbu), down 17.7% from a year ago.
May 24 Soybeans closed at $12.05 1/2, up 1/2 cent, currently unch
Nearby Cash was $11.56 1/2, up 3/8 cent,
Jul 24 Soybeans closed at $12.19 1/2, up 1/2 cent, currently down 10 1/2 cents
Nov 24 Soybeans closed at $12.12 1/4, up 6 1/2 cents, currently down 8 1/4 cents
New Crop Cash was $11.55 1/8, up 7 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
