Soybeans Mixed on Tuesday Morning

Soybeans are mixed on your Tuesday morning, with August up 2 ½ cents and other contracts weaker. The bears came out of the weekend on a mission, as contracts fell 16 to 30 ¼ cents across the board. There was no assistance from the products this time, as Soymeal was down $4.50 to $11.10/ton across the board. Soy Oil was 5 to 62 points lower on the session.

There were zero delivery notices vs. July meal or soybeans overnight. However, ADM (which had been a stopper earlier in the month) issued 1,039 receipts against July bean oil. All but 1 of those was stopped by a JP Morgan customer. 

NASS reported that 34% of the US soybean crop was blooming as of July 7, 6% points above normal, and 9% of the acres were setting pods. NASS showed condition ratings at 68% gd/ex, up 1%, as the Brugler500 index was up 2 points to 371. Drier parts of the Corn Belt in the east are expected to receive beneficial rains this week as Beryl tracks through most of IL and IN. The west is expected to shift drier. 

Monday morning’s Export Inspections report from USDA tallied 273,321 MT (10 mbu) of soybeans exported during the July 4th holiday week. That was a 3-year low for the week and down 14.5% from the week prior. Germany was the lead destination of 109,903 MT. Year to date exports for the marketing year are now at 41.83 MMT (1.537 bbu), which is a 15.9% drop from the same 10+ month total last MY.

Monday afternoon’s delayed Commitment of Traders report indicated managed money specs held a net short of 140,926 contracts on July 2, an 11,263-contract bearish increase from the week prior. 

Jul 24 Soybeans closed at $11.74 1/4, down 14 1/4 cents, currently unch

Nearby Cash was $11.12 3/4, down 17 1/4 cents,

Aug 24 Soybeans closed at $11.49, down 17 1/4 cents, currently up 2 1/2 cents

Nov 24 Soybeans closed at $10.99 1/2, down 30 1/4 cents, currently down 2 3/4 cents

New Crop Cash was $10.43 1/4, down 30 cents,

On the date of publication, Alan Brugler 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.