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Soybeans Posting Double Digit Losses Amid Product Pressure
Soybeans are trading lower across the board on Tuesday, as front months are down 8 ½ to 11 ½ cents at midday. Soymeal futures are also in the red, with losses of $2.10 to $2.40. Soy Oil is showing 63 to 64 point losses.
USDA’s Crop Progress report indicated 3% of the US soybean crop was planted as of April 14, even with last year’s pace and 2% above the 5-year average. Progress was only picked up in 10 of the 18 states, but this that had any measured pace were well above normal, with AR 18% above the average and MO 7% faster than normal. Of the ‘I’ states, IL was at 4% complete with IA 2% planted.
May 24 Soybeans are at $11.46 3/4, down 11 1/2 cents,
Nearby Cash is at $10.93 3/4, down 11 1/2 cents,
Jul 24 Soybeans are at $11.61 1/4, down 10 3/4 cents,
Nov 24 Soybeans are at $11.58 3/4, down 8 1/2 cents,
New Crop Cash is at $10.95 3/4, down 8 7/8 cents,
On the date of publication, Alan Brugler 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.