Soybeans Sneak Out Slight Tuesday Gains
Soybeans of their hat on Tuesday, with contracts closing fractionally to 2 cents higher on the day. The cmdtyView Cash Bean price was up 1 1/2 cents to $10.13. Soymeal futures were mixed with contracts up 40 cents to down $1.70/ton, as Soy Oil was 30 to 41 points higher.
Traders surveyed by Bloomberg are looking for an average increase of 3 million bushel to the old crop US soybean carry out to 353 mbu. For the new crop figure, analysts are looking for a slight increase to 298 mbu.
Weekly Crop Progress data from USDA showed planting in IN (-1%), KY (-5%), MI (-1%), MS (-5%), NE (-1%), and OH (-2%) were lagging behind their respective averages. Conditions were up 1% across the country to 69% good/excellent, as the Brugler500 index was up 2 points to 372. By state, IN (-3), KS (-10), NE (-4), and MN (-1) were notable decreases. Improvement was seen in IL (+1), MS (+13), SD (+9), with MO, ND, and OH all up 8 points.
US and China trade talks continued today in London, with Commerce secretary Lutnick stating the talks went really well.
ANEC estimates the Brazilian soybean export total at 14.08 MMT for June, which is up 1.53 MMT from their previous projection from last week.
Jul 25 Soybeans closed at $10.57 3/4, up 1 3/4 cents,
Nearby Cash was $10.13 1/1, up 1 1/2 cents,
Aug 25 Soybeans closed at $10.49 1/2, up 1 3/4 cents,
Nov 25 Soybeans closed at $10.31 1/4, up 1/2 cent,
New Crop Cash was $9.73 1/2, up 1/4 cent,
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.
