To start the week, soybeans were lower overnight and added to the losses in the day session to close solidly lower. Pressure came from positioning ahead of Tuesday’s report as soybean acres are expected to be higher than USDA’s previous estimates. Traders were also positioning ahead of end of month and end of quarter. Ongoing non-threatening weather for most of the Midwest added pressure. Last week’s export shipments were in the range of trade expectations. USDA announced a sale of 136,000 MT of soybeans to unknown destinations. After the close, the crop progress report lowered the soybean crop condition rating by 1%. Traders had expected to see conditions remain steady to increase 1%.
In Tuesday’s session soybeans saw small gains for the first part of the overnight session before turning lower. The market got back on the positive side when the report came out and closed with gains. Early gains were due in part to Monday afternoon’s crop progress report that lowered the crop condition rating 1% to 65% g/e. USDA’s reports were neutral soybeans as numbers came close to expectations. June 1 grains stocks were estimated at 1.061 BB, 15 MB higher than expected and 53 MB more than last June.
USDA estimated soybean planted acres at 85.365 million, just 4,000 acres lower than the average trade estimate but 4.15 million acres higher than last year. Planted acres are higher than last year in 21 of the 29 major producing states with record high acres in Ohio. ND acres are up 3.8%, SD is up 9.8%, but MN acres dropped by 0.7%.
On Wednesday soybeans traded on both sides of unchanged overnight then shot 15 cents higher late in the overnight session. The market trimmed the gains in the day session but still closed with gains. Support came from rumors that China was in buying US soybeans (but there is no confirmation of that yet). Technical buying and hot temps in the forecast added support. After the close, USDA released the May crush report with May crush at 213.0 MB, lower than the average trade estimate of 214.9 MB but higher than last May’s 203.7 MB and set a new record for the month.
Aug soybean support is $11.00. Nov soybean support is at $11.15.
For the week, July soybeans were at $11.3175 up 9.0 cents while Nov soybeans were at $11.4625 down 8.5 cents. July soybean meal was at $307.70 up 70 cents and July soybean oil was at $66.95 down $4.35.
For the month, July soybeans were down 70 cents while Nov soybeans were down 46.25 cents. July soybean meal was down $25.10 and July soybean oil was down $10.98.
Soybean Weekly Comments July 2
Soybean Weekly Comments July 2
To start the week, soybeans were lower overnight and added to the losses in the day session to close solidly lower. Pressure came from positioning ahead of Tuesday’s report as soybean acres are expected to be higher than USDA’s previous estimates. Traders were also positioning ahead of end of month and end of quarter. Ongoing non-threatening weather for most of the Midwest added pressure. Last week’s export shipments were in the range of trade expectations. USDA announced a sale of 136,000 MT of soybeans to unknown destinations. After the close, the crop progress report lowered the soybean crop condition rating by 1%. Traders had expected to see conditions remain steady to increase 1%.
In Tuesday’s session soybeans saw small gains for the first part of the overnight session before turning lower. The market got back on the positive side when the report came out and closed with gains. Early gains were due in part to Monday afternoon’s crop progress report that lowered the crop condition rating 1% to 65% g/e. USDA’s reports were neutral soybeans as numbers came close to expectations. June 1 grains stocks were estimated at 1.061 BB, 15 MB higher than expected and 53 MB more than last June.
USDA estimated soybean planted acres at 85.365 million, just 4,000 acres lower than the average trade estimate but 4.15 million acres higher than last year. Planted acres are higher than last year in 21 of the 29 major producing states with record high acres in Ohio. ND acres are up 3.8%, SD is up 9.8%, but MN acres dropped by 0.7%.
On Wednesday soybeans traded on both sides of unchanged overnight then shot 15 cents higher late in the overnight session. The market trimmed the gains in the day session but still closed with gains. Support came from rumors that China was in buying US soybeans (but there is no confirmation of that yet). Technical buying and hot temps in the forecast added support. After the close, USDA released the May crush report with May crush at 213.0 MB, lower than the average trade estimate of 214.9 MB but higher than last May’s 203.7 MB and set a new record for the month.
Aug soybean support is $11.00. Nov soybean support is at $11.15.
For the week, July soybeans were at $11.3175 up 9.0 cents while Nov soybeans were at $11.4625 down 8.5 cents. July soybean meal was at $307.70 up 70 cents and July soybean oil was at $66.95 down $4.35.
For the month, July soybeans were down 70 cents while Nov soybeans were down 46.25 cents. July soybean meal was down $25.10 and July soybean oil was down $10.98.