Soybeans Falling on Monday
Soybeans are posting losses of double digits of 10 to 15 ccents on Monday, as the bean oil market is facing crude oil pressure. The cmdtyView national average Cash Bean price is down 10 1/4 cents at $10.10 3/4. Soymeal futures are $2/ton lower. Soy Oil is trading with midday losses of 123 points. Crude oil down $2.75, as the market is failing to see reaction following the US strikes on Iran nuclear facilities over the weekend.
USDA tallied soybean export shipments at just 192,890 MT (7.09 mbu) during the week ending on June 19. That was a MY low, down 13.7% from last week and 44.9% below the same week last year. Of that total, just 63,382 MT was headed to Germany, with 558,883 MT on its way to Mexico. Marketing year exports have totaled 45.62 MMT (1.676 bbu), which is 10.6% above the same period last year.
Crop Progress data is expected to show the US soybean crop at 97% planted, with traders looking for 67% of the crop rated good/excellent, up 66% from last year.
Jul 25 Soybeans are at $10.57 1/2, down 10 1/2 cents,
Nearby Cash is at $10.10 3/4, down 10 1/4 cents,
Aug 25 Soybeans are at $10.60 1/4, down 11 1/4 cents,
Nov 25 Soybeans are at $10.45 1/2, down 15 1/4 cents,
New Crop Cash is at $9.92 1/1, down 15 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.