Soybeans are down to start Wednesday this morning. August soy futures settled ¼ cent lower on Tuesday, while the rest of the contracts were 4 3/4 to 7 cents higher and extending gains from Monday. August does have to deal with the upcoming options expiration on Friday. Soymeal futures settled UNCH to 90 cents/ton lower, rallying in the last hour of trading. Soy Oil futures settled mixed, with nearby August down 34 points but October and later deliveries in the plus column by 9 to 42 points.
Dryness in the 7-day forecast and above to much above normal temps in the NWS 8-14 day outlook gave the market some support on Tuesday.
The weekly Crop Progress update from NASS indicated 65% of the US bean crop was blooming as of July 21, with 29% setting pods, both 5% points ahead of average maturity for the date. Soybean condition ratings were unchanged at 68% gd/ex, with the Brugler500 index remaining at 370. The 5 year average for that index is 360 for this week.
Indonesia is beginning a two month trial of a B40 palm oil based biodiesel in trains, with subsequent trials expected in the shipping, power generation and ag industries. While the trials will consume some palm oil and save some crude, the real difference maker for veg oil consumption would be official adoption of the B40 blend in 2025 if the trials are successful.
Aug 24 Soybeans closed at $11.17 1/2, down 1/4 cent, currently down 4 ¾ cents
Nearby Cash was $10.94 1/1, up 1 1/2 cents,
Nov 24 Soybeans closed at $10.75 1/2, up 6 3/4 cents, currently down 7 ¼ cents
Jan 25 Soybeans closed at $10.89 1/2, up 6 1/2 cents, currently down 7 ¼ cents
New Crop Cash was $10.28 5/8, up 7 1/2 cents,
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