Midday Gains for Soybean Futures as Crop Progress Exceeds Expectations
Soybean futures are experiencing midday gains on Tuesday, with contract prices rising between 3 to 9 cents. CmdtyView reports a national front month Cash Bean price up 9 1/4 cents, currently standing at $9.88 3/4. In contrast, Soymeal futures have increased by $1.10 per ton, while Soy Oil futures have decreased by 8 points.
U.S. Soybean Crop Update
As of Sunday, the U.S. soybean crop is reported to be 8% planted, which is ahead of the five-year average rate of 5%. Notably, Kentucky, Michigan, and Ohio are lagging behind the usual pace. In contrast, Iowa has surpassed expectations with 11% of the crop planted, compared to an average of 3%. Similarly, Illinois reports 10% planting, while the average stands at 7%.
European Union Imports Surge
In the European Union, soybean imports from July 1 to April 20 have reached 11.22 million metric tons (MMT), marking a 9% increase from the same timeframe last year. Meal imports for the same period stand at 15.14 MMT, up significantly from last year’s 12.02 MMT.
Export Inspections and Shipments
Export inspections data released Monday indicate soybean shipments totaled 550,924 metric tons (20.24 million bushels) for the week ending April 17. Cumulatively, marketing year soybean shipments now reach 42.67 MMT (1.57 billion bushels), reflecting a growth of 10.9% compared to the same week last year.
Current Soybean Prices
May 25 Soybeans are trading at $10.38, an increase of 8 1/2 cents.
Nearby Cash is at $9.88 3/4, up 9 1/4 cents.
July 25 Soybeans are valued at $10.48 3/4, rising by 7 1/4 cents.
November 25 Soybeans are at $10.29 1/2, up 3 3/4 cents.
New Crop Cash is priced at $9.67, an increase of 3 cents.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data provided here are for informational purposes only. For more information, please review the Barchart Disclosure Policy here.
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