Soybean Futures Decline Amid Wetter Forecast and Weaker Products
Soybean futures experienced weakness throughout the trading session, closing down 7 to 10 cents. The cmdtyView Cash Bean price fell by 7 1/2 cents to $9.88 3/4. Soymeal futures decreased by 80 cents to $2.30 per ton, while Soy Oil dropped 13 to 68 points.
Crop Progress and Condition Ratings
According to Crop Progress data, 84% of the US soybean crop has been planted, 4 percentage points ahead of the normal pace. Currently, 63% of the crop has emerged, surpassing the 5-year average of 57%. Initial ratings indicate that 67% of the crop is in good to excellent condition, aligning with market expectations. This translates to a Brugler500 index score of 370, down from last year’s initial score of 379.
NASS Fats & Oils Report Released
The NASS Fats & Oils report indicated that 202.4 million bushels of soybeans were crushed in April, exceeding estimates. This represents a 2.11% decline from March but a 13.98% increase compared to April 2024. Total soybean oil stocks decreased by 5% to 1.975 billion pounds, remaining 14.5% lower than April 2024 levels.
Export Inspections Data
Export Inspections data for the week of May 29 showed soybean shipments increased to 268,343 metric tons (9.86 million bushels). This marks a 34.2% rise from the prior week but a 25.7% decrease from the same week last year. China was the top destination at 64,998 metric tons, followed by Bangladesh with 57,487 metric tons, and Mexico at 34,927 metric tons. Cumulative marketing year exports have reached 44.61 million metric tons (1.639 billion bushels), a 10.7% increase year-over-year.
AgRural and StoneX Updates
AgRural raised its Brazil soybean crop estimate by 1.3 million metric tons to 169 million metric tons, consistent with the latest USDA figures. StoneX’s estimate stands at 168.25 million metric tons.
Market Close Summary
Jul 25 Soybeans closed at $10.33 1/2, down 8 1/4 cents.
Nearby Cash was $9.88 3/4, down 7 1/2 cents.
Aug 25 Soybeans closed at $10.27 1/4, down 9 1/2 cents.
Nov 25 Soybeans closed at $10.17, down 9 3/4 cents.
New Crop Cash was $9.56 1/2, down 7 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
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