Soybeans are hitting the reverse button so far on Tuesday, with contracts back down 10 to 14 cents at midday. Product values are playing role, with Soymeal futures down $5.60/ton on the session. Soy Oil futures are losing 53 points.
The official Census export data was released this morning, with US soybean exports tallied at 1.339 MMT (49.2 mbu). That was well above last year but a 5.04% drop from May. Year to date exports have totaled 43.03 MMT, or 1.581 bbu, as 119 mbu is need in the final 2 months of the MY to meet USDA’s number.
Soybean meal shipments in June totaled 1.119 MMT, a 10.76% increase from May but down 11.19% from last year’s June record. Bean oil exports were a 4-year high for June at 52,312 MT, which was also the largest for any month since July 2022.
Crop Progress data showed the US soybean crop was 86% blooming, with 59% setting pods, both faster than the average pace for the growing season. USDA condition ratings were up 1% to 68% gd/ex in that week, as the Brugler500 index rose 2 points to 372. By state, ND saw the largest improvement, up 14 points using the Brugler500 index, as MN was 6 points better, and IL up 5. Deterioration was noted in MO and KS, down 4 points, with NE losing 3 points.
Aug 24 Soybeans are at $10.34 1/4, down 10 cents,
Nearby Cash is at $10.04 7/8, down 14 3/4 cents,
Nov 24 Soybeans are at $10.27 1/4, down 13 1/2 cents,
Jan 25 Soybeans are at $10.44, down 13 cents,
New Crop Cash is at $9.71 3/8, 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 Barchart Disclosure Policy here.