Soybeans are trading with losses of 6 to 15 cents, as the nearbys are the weakest on some bear spreading. Soymeal futures are showing losses of $3.90 to $4.10/ton. Soy Oil is posting losses of 47 to 52 cents at midday. 

The US soybean crop was 52% planted as of May 19, a 17% point move over the last week. That is now 3% above the 5-year average but lags the 61% pace from last year. The ECB states were reported above normal, with IL (2%), IN (+3%), and OH (+6%) all ahead of average pace and seeing relatively dry conditions for the next couple days. The WCB was lagging behind, with IA (-6%), NE (-6%), SD (-3%), and MN (-1%) all shy of the average pace. Rains overnight across most of those states likely put planting on hold for a few more days. NASS also reported 26% of the crop emerged, 5% above the normal pace.

Chinese customs data shows more than 8 MMT of soybeans imported in April, the majority from Brazil. 

Jul 24 Soybeans  are at $12.33, down 15 cents,

Nearby Cash  is at $11.72 5/8, down 14 7/8 cents,

Aug 24 Soybeans  are at $12.30 1/4, down 12 3/4 cents,

Nov 24 Soybeans  are at $12.09 1/2, down 7 1/4 cents,

New Crop Cash  is at $11.53 1/1, down 7 1/4 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.