Soybeans posted losses of 9 to 13 ½ cents across most contracts on Tuesday. There were 3 deliveries issued against September beans. The cmdtyView national average Cash Bean price was down 13 1/2 cents at $9.65 1/4. Soymeal futures were down $3.80 to $8.10 in the front months. There were another 12 deliveries issued against September meal. Soy Oil futures closed 41 to 56 points higher. There were 403 deliveries issued against September bean oil on Friday night.
Weekly Crop Progress data showed 94% of the US soybean crop setting pods, matching average, with 11% dropping leaves, which was 1 point above normal. Condition ratings were down 4% to 65% on the week. The Brugler500 ratings fell 8 points to 366, which is now just 1 point above the same week last year.
The NASS Fats & Oils report indicated 204.73 mbu of soybeans were crushed in July. That fell short of estimates, but was still 3.98% above June and 5.94% ahead of last year’s total. The marketing year total is at 2.246 bbu from September to June, which is a 6.09% increase from last year’s total. Bean oil stocks were down 1.07% from the end of June at 1.873 billion lbs on July 31.
Export Inspections data showed 472,914 MT (17.38 mbu) of soybeans shipped in the week that ended on August 28, which was up 20.3% from the week prior and 6% below the same week last year. Vietnam was the top destination of 126,247 MT, with 115,769 MT to Mexico. Marketing year shipments have totaled 49.76 MMT (1.828 bbu) since last September, 11.3% larger yr/yr.
Sep 25 Soybeans closed at $10.25 3/4, down 11 cents,
Nearby Cash was $9.65 1/4, down 13 1/2 cents,
Nov 25 Soybeans closed at $10.41, down 13 1/2 cents,
Jan 26 Soybeans closed at $10.59 1/2, down 13 cents,
New Crop Cash was $9.65 1/4, down 9 cents,
