Soybeans are trading within a penny of unchanged on this Thursday morning. They ended Wednesday with nearby contracts 10 to 15 ½ cents lower and other deferred months 5 to 9 cents in the red. Soymeal weighed on the bean market, with losses of $5 to $8.40/ton at the close. Soy Oil was a bright spot for the bulls with contracts up 29 to 37 points across the board.
Crop Progress data showed the only major states lagging behind the normal planting average were NE (-1%) and IA (-4%). IL (+7%) and IN (+9%) are both well above normal.
The forecast for the next 3 days shows drier weather for much of the ECB, with the Plains seen as being wetter. Out through the last half of the weekend through early next week is fairly dry, with spotty precip expected. As planting advances, the trade’s focus is going to switch to weather outlook impacts on the crop already in the ground.
Jul 24 Soybeans closed at $12.14, down 15 1/2 cents, currently down 1 cent
Nearby Cash was $11.54 3/8, down 15 cents,
Aug 24 Soybeans closed at $12.13 3/4, down 15 1/4 cents, currently down 1/4 cents
Nov 24 Soybeans closed at $11.96 3/4, down 13 3/4 cents, currently up 3/4 cents
New Crop Cash was $11.41 3/8, down 12 1/8 cents,
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