Soybeans Near Steady at Midday
The soybean market has pulled off the early morning lows, with contracts up 1 ½ cents in the March and fractionally to 5 cents lower in other contracts. The cmdtyView national front month Cash Bean price is up 1 ½ cents at $9.74. Soymeal futures are up $2.20/ton on the day, with Soy Oil futures down 22 points at midday.
Brazil’s soybean crop is pegged at 36.4% harvested according to CONAB, lagging the same harvest pace last year of 38%. Dr. Michael Cordonnier estimates the Brazilian soybean crop at 170 MMT, down 1 MMT from his prior number. The Argentina output estimate was left alone at 48 MMT.
EU soybean imports have been reported at 8.95 MMT from July 1 to Sunday, according to the European Commission, up from 8.03 MMT last year.
Mar 25 Soybeans are at $10.30 1/2, up 1 1/2 cents,
Nearby Cash is at $9.74, up 1 1/4 cents,
May 25 Soybeans are at $10.46 3/4, down 3/4 cent,
Nov 25 Soybeans are at $10.48 3/4, down 3 cents,
New Crop Cash is at $9.83 1/1, down 4 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.
