Soybeans ended the Tuesday session with contracts mixed, as nearby contracts were up ¼ to 5 ½ cents, as back months were ¾ to 2 ¾ cents lower. Soymeal was up $1.30 to $3.20/ton in the front months, with deferred contracts down $1.60 to $6.10. Soy Oil continued to rally on Tuesday, with futures up 79 to 110 points. 

Indonesia has threatened 200% tariffs on Chinese consumer goods, with possible implications being increase Chinese tariffs on Indonesian goods including palm oil.

Monday’s Crop Progress report showed KS, LA, and the Dakotas were lagging behind in blooming pace, as most other states were above normal. Soybean conditions in the ECB were improving, with IL up 6 points on the Brugler500 index and IN 8 points higher. MO and SD were both up 3 points, as IA was down 3 points, with NE 2 points lower and MN losing 4 points.

USDA’s attaché in Brazil estimates the country’s soybean crop at 150 MMT in their latest release, compared to the official WAOB projection of 153 MMT. They also peg the 24/25 crop at 160 MMT, 9 MMT below the official USDA number, with planted acreage nearly a 2.5 million acre spread between the two. 

Jul 24 Soybeans  closed at $11.65, up 5 1/2 cents,

Nearby Cash  was $11.13 1/2, up 5 1/4 cents,

Aug 24 Soybeans  closed at $11.50 1/4, up 4 1/4 cents,

Nov 24 Soybeans  closed at $11.13, up 2 cents,

New Crop Cash  was $10.56 3/8, down 1 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.