Soybeans are falling 2 to 4 cents across the front months on Tuesday morning. Fututres posted steady to 3 ½ cent lower trade to close the Monday session, led by the front month weakness. Preliminary open interest was down 2,786 contracts on Monday. The cmdtyView national average Cash Bean price was 3 1/2 cents lower at $9.34 1/4. Soymeal futures were down 70 cents in nearby October, with other contracts 80 cents to $2.20/ton higher, with Soy Oil futures down 45 to 54 points. Losses in the crude oil market from a potential Israeli/Hamas ceasefire pressured bean oil.
Analysts are looking for NASS to show September 1 soybean stocks at 325 mbu in the this morning’s Grain Stocks report, which will be released at 11:00 am CDT. Analysts surveyed by Bloomberg range from 295 to 366 mbu.
