Soybeans are trading with fractional to 2 cent gains so far on Wednesday morning, but backing more than a nickel off the overnight highs. Futures closed Tuesday with contracts 1 to 4 cents lower, as July expired with a 5 ¼ cent gains at $12.07 ¼. Open interest was up 3,589 contracts on Tuesday, mainly in the new crop months. The cmdtyView national average Cash Bean price was down 3 3/4 cents $11.46. Soymeal futures saw late strength to close up 20 cents to $2.80, with Soy Oil futures 19 to 49 points lower. July futures expired for the complex at the close.
Crop Progress data from NASS showed 50% of the US soybean crop blooming by 7/12, up 6% from normal, with 19% setting pods and 6 percentage points faster than normal. Condition ratings were back up 1% at 65% gd/ex, with the Brugler500 index improving 2 to 367. Deterioration was noted in the I states, with IL down 5, as IN and IA was down 2, and MO down 3. There was some improvement in MN (+1), NE (+5) OH (+19) and ND (+1).
NOPA data will be released later this morning, with traders looking for 203.99 mbu of soybeans crushed among members in June. Bean oil stocks are seen at 1.653 bbu.
Brazil soybean production is seen at 180.57 MMT according to the CONAB data release this morning, up 0.32 MMT from last month. Brazilian exports for July are estimated at 13.76 MMT according to ANEC, up 1.5 MMT from last week’s estimate and above the 12.25 MMT exported in July last year. China imported 13.55 MMT of soybeans in June according to the country’s trade data.
Jul 26 Soybeans closed at $12.07 1/4, up 5 1/4 cents,
Nearby Cash was $11.46, down 3 3/4 cents,
Aug 26 Soybeans closed at $11.92 3/4, down 4 cents, currently up 1/2 cent
Nov 26 Soybeans closed at $11.91, down 3 3/4 cents, currently up 1 1/2 cents
New Crop Cash was $11.26 1/2, down 3 1/4 cents,
