29/07/2024 (Barchart) - Soybeans ended the Monday session rallying off the early morning lows. Contracts closed with 8 to 10 cent losses in the front months and other nearby August down 25 ½. Product pressure via oil was in play, with Soy Oil futures down 12 to 83 points in the nearbys and higher in the deferreds. Soymeal futures were up 70 cents to $2.20/ton in the front months.

The NASS Crop Progress report indicated the US soybean crop at 77% blooming and 44% setting pods, 3 and 4 percentage points above their respective averages. Soybean conditions were slipping back 1% to 67% gd/ex as of July 28. The Brugler500 index was unchanged a 370, as there was a 1% jump from good to excellent.

USDA’s Export Inspections report tallied soybean shipments at 403,268 MT (14.82 mbu) during the week that concluded on July 25. That was up 20.6% from last week and 19.2% above a year ago. Mexico edged out Germany as the top destination at 126,894 MT, with 124,363 MT headed to the latter. The full marketing year shipments are 42.76 MMT(1.571 bbu), which is down 15.3% from last year’s accumulated total YTD.

Aug 24 Soybeans  closed at $10.54 3/4, down 22 3/4 cents,

Nearby Cash  was $10.25 5/8, down 25 1/2 cents,

Nov 24 Soybeans  closed at $10.39 1/2, down 9 cents,

Jan 25 Soybeans  closed at $10.55, down 9 cents,

New Crop Cash  was $9.90 1/1, down 11 1/4 cents,

https://www.barchart.com/story/news/27684933/soybean-close-lower-but-well-off-early-lows