Soybeans are falling another 9 to 10 cents so far on Tuesday. The cmdtyView national average Cash Bean price was down 9 3/4 cents at $10.01 3/4. Soymeal futures were $1 to $2.10/ton lower. Soy Oil was down 96 to 114 points on the day. Crude oil losses, down $3.50/barrel, added to the bean oil weakness.
The forecast continues to look less threatening to the US, with rains of at least an inch from the Northern Plains to the Eastern Corn Belt in the next week.
The weekly USDA crop progress report showed steady condition ratings at 66% gd/ex. The Brugler500 index was unchanged at 367. There were several shifts by state, with the fringe states seeing the largest swings. Ratings in IN were down 5, IA slipping 6, MO 3 points lower, NE 9 points worse, and ND dropping 12. Conditions in MN and OH up 5 points.
Brazil’s soybean exports for June are expected to total 14.99 MMT according to ANEC, which is up from the 14.36 MMT previous estimate.
Jul 25 Soybeans closed at $10.46 3/4, down 12 cents,
Nearby Cash was $10.01 3/4, down 9 3/4 cents,
Aug 25 Soybeans closed at $10.50 1/4, down 11 3/4 cents,
Nov 25 Soybeans closed at $10.37, down 9 3/4 cents,
New Crop Cash was $9.84 3/4, down 9 1/4 cents,
