Soybeans Close Lower As Forecasts Dry Up

Soybean futures closed 5 to 8 cents lower in most contracts on Tuesday. Soybean meal was down $1.90/ton, with soy oil 35 points lower. The 7-day QPF shows drier weather across most growing regions, allowing for planting to pick up later this week. Most of the ECB is lagging, with IL 79% planted, IN @ 75%, OH 65% complete and MO at just 66% planted. Initial condition ratings showed all of the 18 reported states other than NC and LA below the same week in 2018. Per wire surveys, US acreage for 2019 is expected to be around 84.68 million acres in this Friday’s report. Chinese imports of soybeans were down 24% in May from the same month last year at 7.36 MMT, with 977,024 MT from US.

Jul 19 Soybeans closed at $9.03 1/2, down 5 1/2 cents,

Aug 19 Soybeans closed at $9.08 3/4, down 6 cents,

Sep 19 Soybeans closed at $9.14 1/2, down 6 cents,

Jan 20 Soybeans closed at $9.38 1/4, down 7 1/4 cents,

Jul 19 Soybean Meal closed at $315.70, down $1.90,

Jul 19 Soybean Oil closed at $28.00, down $0.35

--provided by Brugler Marketing & Management

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