Soybeans Higher at Tuesday’s Midday
Soybeans are posting gains across most contracts on Tuesday’s midday, with contracts up 1 to 3 cents. The cmdtyView Cash Bean price is up 3 1/4 cents to $10.15 1/2. Soymeal futures are up 20 cents/ton, as Soy Oil is 30 points higher in the nearbys.
Weekly Crop Progress data from USDA showed 90% of the US soybean crop planted, ahead of the 88% average pace. Planting in IN (-1%), KY (-5%), MI (-1%), MS (-5%), NE (-1%), and OH (-2%) were lagging behind their respective averages. Conditions were up 1% to 69% good/excellent, as the Brugler500 index was up 2 points to 372. By state, IN (-3), KS (-10), NE (-4), and MN (-1) were notable decreases. Improvement was seen in IL (+1), MS (+13), SD (+9), with MO, ND, and OH all up 8 points.
US and China trade talks are continuing today in London, with Commerce secretary Lutnick stating the talks are going well.
ANEC estimates the Brazilian soybean export total at 14.08 MMT for June, which is up 1.53 MMT from their previous projection from last week.
Jul 25 Soybeans are at $10.59, up 3 cents,
Nearby Cash is at $10.15 1/2, up 3 1/4 cents,
Aug 25 Soybeans are at $10.50 3/4, up 3 cents,
Nov 25 Soybeans are at $10.32, up 1 1/4 cents,
New Crop Cash is at $9.73 1/4, up 1 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.