Soybeans recorded losses of only 4 cents in the deferred, and nearby companies have up to 16 cents. cmdtyView’s national average Cash Bean price fell 15 3/4 cents to $11.06 3/4. Soybean meal futures were down 30 cents to $3.10 higher, and soybean oil futures were down between 5 and 70 points.
Weekly crop progress data indicated that 87% of the US soybean crop had been planted on Sunday, 7% faster than normal. The emergency was 8 percentage points above the average with 65%. Crop grades were released this week and show 66% of the U.S. soybean crop is in good or excellent condition, down 1% from the same week last year and below the estimate of 68%. That translates to a 369 on the Brugler500 index, a 3-year low, and the 4th Lowest initial rating in the last 13 years. The weakest scores were in OH with 339, SD with 352 and IN with 356. The strongest scores were in IA with 393, with WI with 390.
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NOAA’s 7-day forecast shows ½ inch across much of the western Corn Belt, west of the Mississippi River. Less than an inch of rain is expected east of that line, with the exception of northern IL and WI.
July 26 Soybeans closed at $11.65 1/4, down 15 1/2 cents.
The cash close was $11.06 3/4, down 15 3/4 cents.
August 26 Soybeans closed at $11.69, 16 cents lower.
On November 26, soybeans closed at $11.77 3/4, down 11 cents.
New Crop Cash was $11.12 1/1, down 12 1/2 cents,
As of the date of publication, Austin Schroeder had no (directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com