Soybeans Closes Near the Lows

Soybeans emerging in the spring__427x320

Soybeans leaked lower for much of the Monday session, as contracts were down 13 ¼ to 22 ¼ cents across the board.  Soymeal futures were down $5.90 to $8.50/ton to pile on the pressure.  Soy Oil futures found 1 to 5 point strength in the front months, helped by more positive NOPA data.

The weekly NASS Crop Progress report indicated 93% of the US soybean crop was planted, 2% ahead of average, with 82% emerged 3% faster than normal. They reported condition ratings down 2% to 70% gd/ex, as the Brugler500 index, taking in all 5 categories, were 3 points lower to 376.

Monday morning’s NOPA report tallied May crush at 183.63 mbu among its members. That was a record for the month, more than 5 mbu above the average trade guess, and an 8.37% increase from the April dip. Soybean oil stocks came in at 1.723 billion lbs, well below trade estimates and the 1.832 billion lbs from April, and a 7.91% decline from last year.

Weekly Export Inspections data indicated a 42.8% week/week increase in shipments to 334,237 MT (12.3 mbu) during the week ending on June 13. That was also 86% above the same week last year, as Inspections were running the second best for this week in the last 5 years. Shipments were fairly spread out, with 84,609 MT to Indonesia, 58,299 MT headed to Germany, and 52,522 MT on a vessel to Egypt.  Total export shipments YTD according to the FGIS data are 40.88 MMT (1.501 bbu), which is still down 16.6% from the previous MY. 

Jul 24 Soybeans  closed at $11.57 3/4, down 22 cents,

Nearby Cash  was $11.03 5/8, down 21 1/2 cents,

Aug 24 Soybeans  closed at $11.46, down 22 1/4 cents,

Nov 24 Soybeans  closed at $11.30 1/4, down 19 1/2 cents,

New Crop Cash  was $10.74 1/4, down 19 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.