Soybeans are pushing lower on Turnaround Tuesday, as futures are shrugging off the condition rating drop and following forecasts and weaker products. Contracts are down 14 to 19 cents across the front months. Soymeal futures are down $7.70/ton at midday, with Soy Oil futures slipping 85 points lower. The drop to condition is being ignored, as forecasts are calling for coverage over the Corn Belt for the next week.
Crop Progress data indicated that 97% of the US bean crop was planted by Sunday, 2% ahead of normal, with emergence 3% points faster than average at 90%. USDA also tallied 8% of the crop blooming, 2% above normal. Crop ratings were down 3% to 67% gd/ex, as the Brugler500 index was 8 points worse to 368. That is just slightly better than 2022, 2017 and 4 points above the long term average for this date. Across the US, just LA, MO and TN saw improved conditions, as NE was unch. IN was hit the hardest, down 21 points, with OH 15 lower and IL slipping 7 points. MN saw some of the flooding impact, down 14 points, with SD down 8 points and IA losing 4 points.
Soybean acreage estimates ahead of Friday’s survey driven Acreage report are for 86.753 million acres. That would be 243,000 acres above the March Intentions number. The range of estimates is calling for a 1 million shift in either direction at 85.5 to 87.5 million acres.
Jul 24 Soybeans are at $11.60 3/4, down 14 1/2 cents,
Nearby Cash is at $11.07 3/4, down 15 1/2 cents,
Aug 24 Soybeans are at $11.44 1/4, down 16 1/4 cents,
Nov 24 Soybeans are at $11.11 3/4, down 18 3/4 cents,
New Crop Cash is at $10.57 7/8, down 18 3/4 cents,
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