Soybean Bulls Holding Up So Far on Tuesday
Soybean futures are posting fractional to 1 cent gains so far on the Tuesday session. CmdtyView’s national front month Cash Bean price is up a penny at $9.44 ½. Front month Soymeal futures are down $3.00/ton. Soy Oil futures are up 76 points thus far on the day, with $1.81 gains in crude oil providing another round of strength.
The weekly NASS Crop Progress report indicated 44% of the US soybean crop dropping leaves as of September 16, 7 percentage points faster than normal, with 6% harvested and doubling the average pace. Condition ratings dropped 1% to 64% gd/ex, as the Brugler500 fell 3 points to 362. Just 3 states saw an improvement, with IL up 6 points, MN improving 7 points and NE 3 points higher. Ratings in OH fell 15 points, with SD down 11, IN down 7, MO slipping 6, and IA dropping 3 points.
CONAB projects the Brazilian soybean crop to reach 166.28 MMT for the 2024/25 crop year. That is well above last year but shy of the 169 MMT estimate from USDA.
Nov 24 Soybeans are at $10.05 1/2, up 1 cent,
Nearby Cash is at $9.44 5/8, up 1 cents,
Jan 25 Soybeans are at $10.24 1/2, up 1 cent,
May 25 Soybeans are at $10.53, up 3/4 cent,
New Crop Cash is at $9.44 5/8, up 1 cents,
On the date of publication, Austin Schroeder 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.