Soybean Pressure Continuing on Wednesday Morning
The soybean market is trading with losses of 4 to 6 cents. Soybeans fell back another 9 to 12 cents on Tuesday. Preliminary open interest was up 17,807 contracts on Tuesday with the exception to July (down 26,088 contracts). The cmdtyView national average Cash Bean price was down 9 3/4 cents at $10.01 3/4. Soymeal futures were $1 to $2.10/ton lower. Soy Oil was down 96 to 114 points on the day. Crude oil losses, down $3.50/barrel, added to the bean oil weakness.
The forecast continues to look less threatening to the US, with rains of at least an inch from the Northern Plains to the Eastern Corn Belt over the next week.
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Brazil's soybean exports for June are expected to total 14.99 MMT according to ANEC, which is up from the 14.36 MMT previous estimate.
Jul 25 Soybeans closed at $10.46 3/4, down 12 cents, currently down 5 cents
Nearby Cash was $10.01 3/4, down 9 3/4 cents,
Aug 25 Soybeans closed at $10.50 1/4, down 11 3/4 cents, currently down 4 3/4 cents
Nov 25 Soybeans closed at $10.37, down 9 3/4 cents, currently down 5 1/2 cents
New Crop Cash was $9.84 3/4, down 9 1/4 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. This article was originally published on Barchart.com
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