Soybeans are showing losses of 18 to 21 cents on Tuesday following the losses and bearish USDA data from Monday. Soymeal futures are down $4.60 per ton. Soy Oil futures are losing 91 points at midday.
USDA reported an export sale announcement of 132,000 MT of soybeans this morning to China for new crop shipment.
NASS Crop Progress data from later in the day showed 91% of the US soybean crop blooming as of August 11, with 72% of the crop setting pods, both slightly above the 5-year average. Crop conditions were steady at 68% gd/ex, with 1% moving from excellent to good and dropping the Brugler500 index by 1 to 371.
The US soybean yield was up 1.2 bpa on Monday to 53.2 bpa, a record. Record state yield are being forecast in IL, IN, OH, MO, and AR.
Brazil’s CONAB revied their country’s soybean crop slightly higher to 147.38 MMT. That is compared to the USDA sticking to their guns at 153 MMT on Monday.
Aug 24 Soybeans are at $10.02, down 10 cents,
Nearby Cash is at $9.36 1/4, down 19 1/2 cents,
Nov 24 Soybeans are at $9.66, down 20 cents,
Jan 25 Soybeans are at $9.83 3/4, down 19 3/4 cents,
New Crop Cash is at $9.10 1/1, down 19 1/2 cents,
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