Soybeans are beginning the USDA report day with contracts mixed, as nearby July is higher and new crop November is lower.  They were feeling some pressure on Tuesday, with contracts settling near the lows. Futures were down 4 to 11 cents across the board when the final bell rang.  Soymeal futures were a pressure factor, down $3.80 to $8.70/ton. Soy Oil futures were mixed, with the front months steady to a point higher and other contracts down 6 to 22 points.

NASS reported initial soybean crop condition ratings at 72% good/excellent, putting the Brugler500 Index at 379, matching conditions in 2020 for this week and also similar to 2018 and 2016. Of all the 18 major states, just 2 (KY and LA) saw condition ratings below the same week last year. Most saw substantial increases over last year, with IN, IL, MO, NE, OH, and SD all showing at least a 30 point improvement over the same week in 2023. 

Trade estimates for Wednesday’s USDA reports average 346-350 million bushels for old crop US soybeans and 448-457 million for new crop. On average, traders are looking for a 2 MMT drop in Brazilian bean production from to 152 MMT. CONAB data for Brazil will be out on Thursday. Argentine soybean production is expected to see little to no change at 50 MMT.

Jul 24 Soybeans  closed at $11.78, down 10 1/4 cents, currently up 1 ¼ cents

Nearby Cash  was $11.21 7/8, down 10 cents,

Aug 24 Soybeans  closed at $11.71 3/4, down 11 cents, currently down 1 cent 

Nov 24 Soybeans  closed at $11.51 1/2, down 7 1/4 cents, currently down 2 1/2 cents

New Crop Cash  was $10.95 7/8, down 7 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.