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Soybeans Collapse on Turnaround TuesdaySoybeans posted Turnaround Tuesday losses of 14 ½ to 22 ½ cents across the board, with the brunt of the pressure felt in the front months. Products weren’t helping matters, with Soymeal futures down $4.20 to $7.50/ton across the board, Soy Oil futures were feeling pressure from a collapse in the crude oil, with losses of 69 to 86 points. Thursday’s Crop Production report is expected to show a slight 0.1 bushel per acre increase to yield at 53.3 bpa. Harvested acres are estimated to be left alone this month, with the production total 6 mbu higher than in August according to a Bloomberg survey of analysts at 4.595 bbu. US carryout projections are pegging a slight drop to old crop bean stocks with the Bloomberg average of analysts at 343 mbu. New crop stocks are expected to be raised with the increase of projection, by 8 mbu to 568 mbu. Crop Progress data showed condition ratings steady at 65% gd/ex, with the Brugler500 at 365. By state, IL was up 8 points, with ND 5 points better and OH and IA improving 3 points. Ratings in NE were down 7 points, with MN 5 points worse, SD down 2 points and IL down 1 point. Chinese soybean imports during August totaled 12.14 MMT according to the country’s Customs data. That was up 29% from last year’s August total. Sep 24 Soybeans closed at $9.77 1/2, down 22 1/2 cents, Nearby Cash was $9.35 5/8, down 21 cents, Nov 24 Soybeans closed at $9.97 1/4, down 20 3/4 cents, Mar 25 Soybeans closed at $10.30, down 19 1/2 cents, New Crop Cash was $9.35 5/8, down 21 cents, On the date of publication, Austin Schroeder 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. |
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