Soybeans 6 to 7 Cents Higher on Low Pod Counts

Soybeans futures are 6 to 7 cents per bushel higher this morning after double digit losses on Monday. Meal futures are up more than $2 from their Monday close and soy oil is 21 points higher. The US soybeans crop progress data shows 90% of the crop blooming (96% avg), with 68% setting pods (85% avg). Condition ratings were down 1% to a 54% g/ex rating, with a Brugler500 index rating 2 points lower at 344. Monday’s Export Inspections report indicated 1.16 MMT of soybeans were shipped in the week ending August 15. That was 22% higher than the week prior and a 75% increase over the same week in 2018. A total of 551,235 MT was headed to China. Results from day one of the Midwest Crop Tour had pod counts down as much as 39% from last year. Many of the fields were still blooming, resulting in incomplete pod counts. --- provided by Brugler Marketing & Management




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