Soybeans saw some spreading on Tuesday, as old crop contracts were up 10 to 16 ¼ cents and other contracts for new crop up a penny to 4 ¼ cents. Deferred 2025 crop contracts and beyond were down fractionally to 1 ½ cents. Soymeal futures were up 30 cents to $4.30/ton in the front months on Tuesday, as back months down 30 to 50 cents. Soy Oil futures posted 45 to 59 point gains at the close.
The weekly NASS Crop Progress report indicated US condition ratings down 2% to 70% gd/ex. The Brugler500 index, taking in all 5 ratings categories, was 3 points lower to 376. Much of the crop deterioration came from IL, down 17 points, with ON 7 points lower and SD down 10. Ratings in IA were up 1 point, with NE 3 points better, OH up 4, and MO improving 7 points.
Brazilian crusher group Abiove trimmed their projection for Brazil’s soybean crop by 1.4 MMT to 152.5 MMT on Tuesday. That is still well above the CONAB projection, but more in line with the USDA.
Jul 24 Soybeans closed at $11.74, up 16 1/4 cents,
Nearby Cash was $11.20 5/8, up 17 cents,
Aug 24 Soybeans closed at $11.56, up 10 cents,
Nov 24 Soybeans closed at $11.32, up 1 3/4 cents,
New Crop Cash was $10.76 1/2, up 2 1/4 cents,
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