Soybeans Losses Continue as Ratings Improve
Monday afternoon's Crop Progress data indicated 47% of US soybean crop was blooming by Sunday even with the 5-year average, with% setting pods. Ratings were up 4% to 70%, with the Brugler500 index taking all 5 ratings into account up 7 points to 376.
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Grain Market Bears Seized the Moment Last Week. What That Means for Corn, Soybeans, and Wheat.
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On Monday morning, President Trump threatened Russian with secondary tariffs (on Russian trade partners) if there is no deal to end the Russian/Ukraine war in 50 days.
USDA tallied soybean export shipments at 147,045 MMT (5.4 mbu) during the week ending on July 10. That was down 63.2% from last week and 16.1% below the same week last year. Mexico was the largest buyer of 32,507 MT in that week. Marketing year exports have totaled 46.411 MMT (1.705 bbu), which is 10.4% above the same period last year.
Rains are expected to be rather widespread this next week according to NOAA's 7-day QPF, with much of the Corn Belt seeing 1 to 3 inches.
NOPA data will be updated later today, with traders looking for an average of 185.19 mbu of soybeans crushed during June, which would be up nearly 10 mbu from last year. Soybean oil stocks are seen at an average of 1.374 billion lbs.
Jul 25 Soybeans closed at $9.97, down 7 cents,
Nearby Cash was $9.61 1/2, down 3 1/4 cents,
Aug 25 Soybeans closed at $10.01, down 3 1/4 cents, currently down 4 1/2 cents
Nov 25 Soybeans closed at $10.07, down 1/4 cent, currently down 3 cents
New Crop Cash was $9.57 1/4, down 1/2 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. This article was originally published on Barchart.com
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