Soybean futures are down 3 to 5 cents in early Tuesday positioning. Soybeans settled ½ to 9 cents higher on Monday. July worked higher throughout the day, while new crop November saw some profit taking in the last 50 minutes of the trading session. Soymeal futures were up $3.30 to $7.. Soy Oil futures were down 38 to 40 points late morning but came back to close 2 to 3 ticks on the plus side.
USDA NASS reported that 87% of the US soybean crop was planted as of Sunday. Traders on average expected USDA to show 89% of the US crop planted. The initial soybean crop condition assessment showed 72% in good or excellent condition. The Brugler500 Index was 379, matching conditions in 2020 for this week and also similar to 2018 and 2016.
Malaysian Palm Oil production rose 13.5% in May to 1.70 MMT according to the MPOB, a little more than trade expectations for 1.65 mmt.
Trade estimates for Wednesday’s USDA reports average 346-350 million bushels for old crop US soybeans and 448-457 million for new crop. On average, traders are looking for a 2 MMT drop in Argentine corn production and little to no change in the 50 MMT soybean number released in May. The average trade guess for Brazilian beans is 151.8 MMT.
Jul 24 Soybeans closed at $11.88 1/4, up 9 cents, currently down 5 cents
Nearby Cash was $11.31 3/4, up 9 1/8 cents,
Aug 24 Soybeans closed at $11.82 3/4, up 6 cents, currently down 5 cents
Nov 24 Soybeans closed at $11.58 3/4, up 1 cent, currently down 3 cents
New Crop Cash was $11.02 1/8, up 1 3/8 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.
