Soybeans are feeling pressure from the products so far on Tuesday, with contracts down 13 to 16 cents. Soymeal is trading with $6.10/ton losses in the August contracts. Soy Oil is down 192 points after last week’ rally. There were zero delivery notices vs. July meal or soybeans overnight. However, ADM (which had been a stopper earlier in the month) issued 1,039 receipts against July bean oil. All but 1 of those was stopped by a JP Morgan customer.
NASS reported that 34% of the US soybean crop was blooming as of July 7, 6% points above normal, and 9% of the acres were setting pods. NASS showed condition ratings at 68% gd/ex, up 1%, as the Brugler500 index was up 2 points to 371. Drier parts of the Corn Belt in the east are expected to receive beneficial rains the next day as Beryl tracks through most of IL and IN. The west is expected to shift drier.
Monday afternoon’s delayed Commitment of Traders report indicated managed money specs held a net short of 140,926 contracts on July 2, an 11,263-contract bearish increase from the week prior.
Soybean ending stocks for the 23/24 MY are projected to be increased just slightly by 2 mbu this Friday to 357 mbu. As for new crop, due to the lower acreage, stocks are expected to be trimmed 8 mbu this Friday to 447 mbu.
Jul 24 Soybeans are at $11.69, down 5 1/4 cents,
Nearby Cash is at $10.96 3/8, down 15 1/2 cents,
Aug 24 Soybeans are at $11.33 1/4, down 15 3/4 cents,
Nov 24 Soybeans are at $10.84 3/4, down 14 3/4 cents,
New Crop Cash is at $10.29, down 14 1/4 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.
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