Soybeans are trading 1 to 2 cents higher as we begin the Wednesday session. Futures were pressured lower on Tuesday as the product values were hit hard. Bean contracts were down 12 ¼ to 19 ¼ cents at the close. Soymeal saw 20 cent to $4.70 lower trade across most contracts, with the nearbys the weakest. Soy Oil collapsed 122 to 214 points on the day to add considerable pressure to bean value.
There were zero delivery notices against July meal and July beans overnight, with 27 contracts put out against July bean oil.
Portions of LA, southern MO, and IL were hit with fast moving remnants of former hurricane Beryl, with IN and MI expecting to receive the rest in the next day.
Soybean ending stocks for the 23/24 MY are projected to be increased just slightly by 2 mbu this Friday to 357 mbu according to trade surveys. As for new crop, due to the lower acreage, stocks are expected to be trimmed 8 mbu this Friday to 447 mbu.
The smaller new crop carry will likely be influenced by the lower soybean planted acreage total from last month’s Acreage report. Production is projected to be 4.424 bbu, a 26 mbu cut from the previous month, with yield largely expected at 52 bpa.
Jul 24 Soybeans closed at $11.61 1/2, down 12 3/4 cents, currently up 2 cents
Nearby Cash was $10.94 1/8, down 17 3/4 cents,
Aug 24 Soybeans closed at $11.31 1/4, down 17 3/4 cents, currently up 1 cents
Nov 24 Soybeans closed at $10.80, down 19 1/2 cents, currently up 1 cents
New Crop Cash was $10.24 3/8, down 19 cents,
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