Soybean Bulls Get Little Help from Improving Condition Ratings
06/08/2024 (Barchart) - Soybean bulls couldn’t manage to pull out strength on Tuesday, as price action turned around from Monday’s gains, with losses of 12 to 16 cents. Soymeal futures were down $8.20/ton in the September contracts, with August down $12.70/ton. Soy Oil futures were down 17 to 26 points.
The official Census export data was released this morning, with US soybean exports tallied at 1.339 MMT (49.2 mbu). That was well above last year but a 5.04% drop from May. Year to date exports have totaled 43.03 MMT, or 1.581 bbu, as 119 mbu is need in the final 2 months of the MY to meet USDA’s number.
Soybean meal shipments in June totaled 1.119 MMT, a 10.76% increase from May but down 11.19% from last year’s June record. Bean oil exports were a 4-year high for June at 52,312 MT, which was also the largest for any month since July 2022.
Soybean exports out of Brazil were tallied at 11.25 MMT during July, according to government data, 16% above the same month last year.
Crop Progress data showed condition ratings were up 1% to 68% gd/ex in that week, as the Brugler500 index rose 2 points to 372. By state, ND saw the largest improvement, up 14 points using the Brugler500 index, as MN was 6 points better, and IL up 5. Deterioration was noted in MO and KS, down 4 points, with NE losing 3 points.
Aug 24 Soybeans closed at $10.28 1/2, down 15 3/4 cents,
Nearby Cash was $10.02 3/8, down 16 1/4 cents,
Nov 24 Soybeans closed at $10.26 3/4, down 14 cents,
Jan 25 Soybeans closed at $10.43 1/4, down 13 3/4 cents,
New Crop Cash was $9.71 1/4, down 14 1/2 cents,