Soybean futures were off their intraday lows on Tuesday but still settled with losses of fractionally in the new crop months as 2 ½ to 4 ¾ cents in the nerabys. The cmdtyView national average new crop Cash Bean price was down 1/2 cent today at $9.76 3/4. Soymeal futures are trying to break out, with Tuesday gains of 30 cents to $3.30/ton. Soy Oil was pressured by crude oil weakness, down 35 to 44 points.
The Monday afternoon Crop Progress report from USDA showed 62% of the US bean crop blooming, with 26% setting pods. Condition ratings slipped 2% from the previous week to 68% in the good/excellent categories, as the broader Brugler500 index was down 2 points to 373. Iowa was rated 80% good or excellent, while the states east of the Mississippi River are at 60% or below. The national decline for the week was primarily in ND and KS, with Ohio and SD improving the most.
Brazil soybean exports are estimated to total 12.11 MMT in July, down from the 12.19 MMT from last week’s estimate.
Aug 25 Soybeans closed at $10.10 1/4, down 4 3/4 cents,
Nearby Cash was $9.73 1/4, down 3 3/4 cents,
Sep 25 Soybeans closed at $10.08, down 2 1/2 cents,
Nov 25 Soybeans closed at $10.25 1/2, down 1/2 cent,
New Crop Cash was $9.76 3/4, down 1/2 cent,
