Soybeans are trading with 5 to 6 cent lower action so far on Wednesday morning. Futures posted fractional losses in some deferred contracts, with the front months down as much as 10 1/2 cents. Open interest dropped 5,451 contracts, mainly in nearby July. The cmdtyView national average Cash Bean price was down 10 1/4 cents at $11.22 1/4. Soymeal futures saw $1 to $3.60 losses on the day, with Soy Oil futures 35 to 47 points higher.
Tuesday morning’s Export Inspections report showed soybean shipments of 571,620 MT (21 mbu) in the week of 5/21. That was more than double the same week last year and slightly above the previous week. China was the largest destination of 137,310 M, with 110,059 MT shipped to Egypt and 75,442 MT to Mexico. The marketing year total is now 35.135 MMT (1.29 bbu) of soybeans shipped since September 1, which is 20.8% below the same period last year.
The weekly Crop Progress report from NASS showed the US soybean crop at 79% planted by May 24, still well above the 68% average pace for this time of year. Emergence was at 49% vs. 40% on average. Condition ratings will start being reported next week.
Jul 26 Soybeans closed at $11.86, down 10 1/2 cents, currently down 6 1/4 cents
Nearby Cash was $11.22 1/4, down 10 1/4 cents,
Aug 26 Soybeans closed at $11.85, down 10 cents, currently down 5 1/2 cents
Nov 26 Soybeans closed at $11.80 1/4, down 7 1/2 cents, currently down 5 1/4 cents
New Crop Cash was $11.18 3/4, down 7 3/4 cents,
