Soybeans found some recovery on Tuesday following recent weakness, with contracts up 4 to 7 ¼ cents on Friday. The cmdtyView Cash Bean price was up 7 1/2 cents to $9.95 1/4. Soymeal futures were steady to 40 cents higher/ton, as Soy Oil were back up 53 points.
Some support came from reports that President Trump and Chinese president Xi will speak later this week.
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Crop Progress data showed the US soybean crop at 84% planted, now 4 percentage points ahead of normal. Planting progress in the east continues to lag, with IN (-2%), KY (-6%) and OH (-11%) both behind, as well as MS (-8%). Initial condition ratings showed 67% of the crop in good/excellent condition. That translates to a 370 on the Brugler500 index, which is down from the 379 initial score from last year. Notable changes vs. the initial ratings from a year ago were in OH (-41), SD (-42), NE (-21), and IA (+12).
After rains across the WCB in the last couple days, precip is expected to shift east this week, with things drying off starting Saturday for much of the Corn Belt.
EU soybean imports since last July have totaled 12.94 MMT as of June 1, which is slightly ahead of the 12.13 MMT from last year
Jul 25 Soybeans closed at $10.40 3/4, up 7 1/4 cents,
Nearby Cash was $9.95 1/4, up 7 1/2 cents,
Aug 25 Soybeans closed at $10.34 1/4, up 7 cents,
Nov 25 Soybeans closed at $10.21 1/2, up 4 1/2 cents,
New Crop Cash was $9.62 1/1, up 5 1/2 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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