Soybeans posted 12 to 19 cent losses across most contracts on Tuesday, with August down 27 ½ cents. Product values continue to be a factor, with Soymeal futures down $3.50 to $5.60/ton. Soy Oil futures were down 8 to 29 points, with September and October the lone exceptions, up 2 to 13.
The 7-day forecast provides some rain potential for a chuck of US soybean country, with the 8-14 day showing normal to below normal temps through mid-August and above normal odds for precip.
The NASS Crop Progress report indicated that 77% of the US soybean crop in the 18 tracked states was blooming and 44% was setting pods, Those were 3 and 4 percentage points above their respective averages. Some of the WCB states were lagging behind, with MN, IA, KS, and the Dakotas all below the 5-year pace for setting pods.
Soybean conditions were slipping back 1% to 67% gd/ex as of July 28. The Brugler500 index was unchanged @ 370, as 2% left the good category, 1% each heading to fair and excellent. By state IL was unchanged, with IN up 1, IA 4 points higher, and MN improving 6 points on the Brugler 500 index. There was a 16 point drop to the KS ratings with ND down 10, and MO/SD/OH all losing 5 points.
Aug 24 Soybeans closed at $10.27 1/4, down 27 1/2 cents,
Nearby Cash was $9.99 1/1, down 25 3/4 cents,
Nov 24 Soybeans closed at $10.21 1/4, down 18 1/4 cents,
Jan 25 Soybeans closed at $10.38, down 17 cents,
New Crop Cash was $9.72 5/8, down 18 1/2 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.