Soybeans Starting Wednesday with Weakness
Soybeans are continuing their descent, with losses of 3 to 4 ½ cents. Futures were under pressure for much of Tuesday, with contracts down 2 to 7 cents at the close. Preliminary open interest was down 6,135 contracts on Tuesday, mainly due to a 15,821 drop in August ahead of first notice day on Thursday. The cmdtyView national average new crop Cash Bean price was down 2 1/4 cents at $9.56 1/2. Soymeal futures continued their weakness, with contracts down $2.30 to $3.20. Soy Oil saw gains of 51 to 99 points to close out the day.
The meeting between the US and China in Sweeden saw a tariff deadline pushed back from the August 12 for 90 days pending the approval of President Trump, as the two look to defuse the trade situation.
Brazil soybean exports during July are estimated to total 12.05 MMT according to ANCE, which is down 0.06 MMT from their previous estimate but up from 11.25 MMT last year.
Aug 25 Soybeans closed at $9.81 3/4, down 7 cents, currently down 4 ½ cents
Nearby Cash was $9.47 1/4, down 7 3/4 cents,
Sep 25 Soybeans closed at $9.89 1/2, down 3 cents, currently down 4 ¼ cents
Nov 25 Soybeans closed at $10.09 1/2, down 2 cents, currently down 3 ¾ cents
New Crop Cash was $9.56 1/2, down 2 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. For more information please view the Barchart Disclosure Policy here.