Soybean Weakness Extending to Tuesday’s Midday
Soybeans are trading with losses of 1 to 5 cents at Tuesday’s midday, pulling off the early session lows. CmdtyView’s national front month Cash Bean price is down 5 ¼ cents at $9.84 3/4. Soymeal futures are trading with losses of $4.20/ton, with Soy Oil futures are back up 86 points.
The US soybean crop was listed at 2% planted by April 13, in line with the early 5-year average pace at 2%.
NOPA data from this morning showed a total of 194,55 mbu of soybeans crushed during March. That was a sharp 9.38% increase from last month but down 0.94% from last year. Soybean oil stocks were tallied at 1.498 billion pounds, which was down 19.07% from last year and 0.34% below the end of February.
May 25 Soybeans are at $10.36 1/4, down 5 1/2 cents,
Nearby Cash is at $9.84 3/4, down 5 1/4 cents,
Jul 25 Soybeans are at $10.45 1/2, down 4 3/4 cents,
Nov 25 Soybeans are at $10.27 1/2, down 1 cent,
New Crop Cash is at $9.66 1/4, down 3/4 cent,
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.