Highlights;
- Soybeans fell 9-13.5 cents across contracts; national average cash price down 13.5 cents at $9.65 1/4.
- Soymeal futures dropped $3.80-$8.10; soy oil futures rose 41-56 points.
- Crop progress: 94% pods set, 11% dropping leaves; condition ratings down 4%.
- July soybean crush at 204.73 mbu, 6.09% above last year.
- Weekly exports up 20.3% but below last year’s level.
Soybean futures declined across most contracts on Tuesday, with losses ranging from 9 to 13.5 cents. September bean contracts saw 3 deliveries, while the cmdtyView national average cash bean price dropped 13.5 cents to $9.65 1/4.
Soymeal futures fell $3.80 to $8.10 in the front months, with 12 deliveries issued against September meal. Meanwhile, soy oil futures closed 41 to 56 points higher, with 403 deliveries issued against September bean oil on Friday night.
Crop Progress Update:
Weekly Crop Progress data showed 94% of the U.S. soybean crop setting pods, matching the average, while 11% were dropping leaves, 1 point above normal. Condition ratings declined by 4% to 65%, and the Brugler500 ratings dropped 8 points to 366, just 1 point above last year’s figure at this time.
Market Insights:
The NASS Fats & Oils report revealed that 204.73 million bushels (mbu) of soybeans were crushed in July, slightly below expectations but 3.98% higher than June and 5.94% above last year. The marketing year total from September to June reached 2.246 billion bushels (bbu), a 6.09% increase year-over-year. Bean oil stocks declined 1.07% from June to 1.873 billion pounds as of July 31.
Export Data:
Export Inspections reported 472,914 metric tons (MT) or 17.38 mbu of soybeans shipped in the week ending August 28, up 20.3% from the previous week but 6% below the same week last year. Vietnam was the top destination with 126,247 MT, followed by Mexico with 115,769 MT. Marketing year shipments since last September totaled 49.76 million metric tons (MMT) or 1.828 bbu, an 11.3% increase year-over-year.
Price Updates:
- Sep 25 Soybeans closed at $10.25 3/4, down 11 cents.
- Nearby Cash was $9.65 1/4, down 13.5 cents.
- Nov 25 Soybeans closed at $10.41, down 13.5 cents.
- Jan 26 Soybeans closed at $10.59 1/2, down 13 cents.
- New Crop Cash was $9.65 1/4, down 9 cents.
On the date of publication, Austin Schroeder did not hold positions in any of the securities mentioned in this article. All information and data provided are for informational purposes only.
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The views expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
Source: https://www.nasdaq.com/articles/soybeans-hold-losses-tuesday-ratings-drop-after-close
