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Soybeans Extend Losses into Wednesday’s Close
Soybeans closed the Wednesday session with nearby contracts 10 to 15 ½ cents lower and other deferreds 5 to 9 cents in the red. Soymeal weighed on the bean market, with losses of $5 to $8.40/ton at the close. Soy Oil was a bright spot for the bulls with contracts up 29 to 37 points across the board.
Crop Progress data showed the only states to be reported as lagging behind the normal planting average were NE (-1%) and IA (-4%). IL (+7%) and IN (+9%) are both well above normal.
The next 3 days shows drier weather for much of the ECB, with the Plains seen as being wetter. Out through the last half of the weekend through early next week is fairly dry, with spotty precip expected. As planting pace continues the trade’s focus is going to switch to weather outlook impacts on the crop already in the ground.
Jul 24 Soybeans closed at $12.14, down 15 1/2 cents,
Nearby Cash was $11.54 3/8, down 15 cents,
Aug 24 Soybeans closed at $12.13 3/4, down 15 1/4 cents,
Nov 24 Soybeans closed at $11.96 3/4, down 13 3/4 cents,
New Crop Cash was $11.41 3/8, down 12 1/8 cents,
On the date of publication, Alan Brugler 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.