Soybeans Claw Back to Close with Gains
Soybean futures closed the Tuesday session with some slight turnaround action, as contracts were up 1 to 3 ¼ cents. The cmdtyView national average Cash Bean price was up 1 ¼ cents at $9.77 1/4. Soymeal futures posted gains of $1.50 to $3.30 on Tuesday. Soy Oil futures were down 78 to 155 points.
A Chinese trade official is heading to D.C. this week for meetings with US trade reps according to a Wall Street Journal report.
Crop Progress data from NASS on Monday afternoon showed condition ratings up 1% to 69% gd/ex, with the Brugler500 index 1 point higher to 374. Ratings in IL dropped 7 points, with IA slipping 6, and ND down 2. There was some improvement in fringe states, with NE up 5, and OH up 8. The Eastern growing regions are looking to see continued dryness this next week.
ANEC estimates the August Brazilian soybean exports at 8.9 MMT, which was a drop of 0.04 MMT from the previous projection.
Sep 25 Soybeans closed at $10.28 3/4, up 3 1/4 cents,
Nearby Cash was $9.77 1/4, up 1 1/4 cents,
Nov 25 Soybeans closed at $10.49 1/2, up 1 3/4 cents,
Jan 26 Soybeans closed at $10.69 1/4, up 1 1/2 cents,
New Crop Cash was $9.71 1/1, up 1 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.
