Soybeans are trading with 8 to 9 cent losses so far on Wednesday. They faded off the morning gains, as contracts settled with gains of just 3 to 4 ½ cents across the board. CmdtyView’s national front month Cash Bean price was up 3 1/4 cents at $9.81 1/4. Soymeal futures posted $2.40 to $3.40/ton losses. Soy Oil futures were rallying 104 t 150 points into the close.
Rains from the remnants of Tropical Storm Helene are expected to bring rains to the Eastern Corn Belt over the next week, putting a slowdown to harvest. NASS left condition ratings unchanged across the board at 64% gd/ex, with the Brugler500 index steady at 362 on Monday. Crop ratings in IL and IN were down 3 points, with OH dropping 13 points, ND and MN slipping 1 point. Ratings in IA and MO were up 1 point, as SD was up 10 points.
Soybean stocks as of September 1 are expected to be tallied at 351 mbu ahead of the Grain Stocks report next Monday. Trade estimates are in a rage of 323 to mbu.
ANEC expects to see the Brazilian soybean exports at 5.82 MMT in September, a slight reduction from last week’s estimate.
Nov 24 Soybeans closed at $10.42 1/4, up 3 cents, currently down 8 3/4 cents
Nearby Cash was $9.81 3/4, up 3 1/4 cents,
Jan 25 Soybeans closed at $10.60 1/2, up 3 3/4 cents, currently down 8 3/4 cents
May 25 Soybeans closed at $10.86 1/4, up 3 1/2 cents, currently down 8 1/4 cents
On the date of publication, Austin Schroeder 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.
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