Soybeans are posting mixed trade as we leadoff the Wednesday session with contracts up 2 ¼ cents to down ½ cents. Yesterday was a Turnround Tuesday session with contracts steady to 11 ¾ cents in the red, fading Monday gains.  Some bear spreading was apparent with the nearbys down the most. Soymeal futures  were down 20 cents to $2.30/ton in the front months and 10 to 60 cents higher in the deferreds. Soy Oil was down 23 to 51 points on the day.

NASS data showed the ECB states ahead of the average planting pace, 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. Heavy rains in the WCB yesterday (up to 8” in some localized areas) and into today will limit fieldwork. 

Jul 24 Soybeans  closed at $12.36 1/4, down 11 3/4 cents, currently down 1/2 cents

Nearby Cash  was $11.75 1/4, down 11 1/4 cents,

Aug 24 Soybeans  closed at $12.34, down 9 cents, currently up 1 cents

Nov 24 Soybeans  closed at $12.13, down 3 3/4 cents, currently up 2 1/4 cents

New Crop Cash  was $11.57 5/8, down 3 5/8 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.

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