Soybeans Drop on Tuesday
Soybean closed Turnaround Tuesday with contracts down 4 ½ to 7 ¼ cents. Soymeal futures were back up on the day, with gains of $2.80 to $6.10/ton. Soy Oil collapsed 131 to 184 points on the session. On Tuesday morning the White House issued an announcement of increased tariffs on Chinese goods, but did not include used cooking oil on the list.
The weekly Crop Progress report from NASS pegged IA, IL, MI, MN, NE, ND and SD lagging behind the 5-year average planting pace. Limited precip over the next week should allow for planting to catch up in most of those states on the western side.
NOPA data will be updated on Wednesday, as traders are expecting to see April crush at 183.07 mbu. Soy oil stocks are estimated at 1.882 billion lbs.
The monthly released from CONAB showed expected Brazilian production at 147.68 MMT this morning. That was a 1.16 MMT increase from last month, as the agency increase acreage by 498,000 hectares (1.23 million acres).
May 24 Soybeans closed at $11.99, down 6 cents,
Nearby Cash was $11.52 5/8, down 4 3/4 cents,
Jul 24 Soybeans closed at $12.14 1/2, down 5 cents,
Nov 24 Soybeans closed at $12.05, down 7 1/4 cents,
New Crop Cash was $11.48, down 7 1/8 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.