Soybeans are trading with 3 to 9 losses at midday led by the new crop, as traders are rejecting a Turnaround Tuesday bounce. Soymeal is continuing to pressure things, with the July contract down $4/ton. Soy Oil fell is also adding pressure via the product values, with July 40 points lower so far.
The weekly Crop Progress report showed the US soybean crop at 78% planted, 5% ahead of the average pace for this week. Of the 18 reported states, just KY, LA, and MN were lagging, all by 1%. Emergence was 55% complete, 3% faster than normal.
The Monday afternoon Fats & Oils report showed 177.7 mbu of soybeans crushed during April, a 12.76% decline from March’s massive total and down 4.95% from last year. That was still above the trade’s expected 175.5 mbu. Soy oil stocks for the end of April were 2.311 billion lbs, a 2.44% decline mo/mo.
Jul 24 Soybeans are at $11.81, down 3 1/2 cents,
Nearby Cash is at $11.23 3/8, down 3 3/4 cents,
Aug 24 Soybeans are at $11.79 1/2, down 3 cents,
Nov 24 Soybeans are at $11.55 1/4, down 8 1/2 cents,
New Crop Cash is at $10.98 3/8, down 9 1/8 cents,
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