The soybean market is down by 8 ½ to 11 ½ cents so far through Tuesday. Soymeal prices are also weaker by over $5/ton. Soybean Oil futures are down by 35 to 51 points so far.
Argentina’s latest preferential exchange rate for soy exports will be adjusted in September to maintain the preferential rate and encourage sales during the ongoing wicked domestic inflation.
StatsCan reported 23/24 soybean production is expected at 6.735 MMT, compared to 6.543 MMT last season and 6.7 expected. Canola output came in about 160k MT above the average trade guess but still a 1.1 MMT loss yr/yr with 17.561 MMT reported this morning. Full run of estimates was 16.1 MMT to 18.6 MMT going in. Canadian Canola Prices are ~$10 off their highs so far, but still $3 to $4 CAD/MT higher at midday.
USDA’s Crop Progress report had 91% of the national soybean crop with set pods, and 5% dropping leaves as of 8/27. The weekly report lowered national soy conditions by 2 points on the Brugler500 Index to 350.
Sep 23 Soybeans closed at $13.84 1/4, down 11 cents,
Nearby Cash was $13.76 1/8, down 13 cents,
Nov 23 Soybeans closed at $13.94 3/4, down 11 cents,
Jan 24 Soybeans closed at $14.06 1/4, down 10 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
