AgriCharts Market Commentary

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Soybeans

Soybean futures were mostly 6 to 7 3/4 cents higher on Wednesday on a dead cat bounce. Front month soy meal was up $1.50/ton, with Aug 17 soy oil 23 points higher. The weekly Export Sales report will be released tomorrow at 7:00 a.m. CST, with traders estimating 100,000-300,000 MT in 16/17 sales with 300,000-1,000,000 MT in 17/18 sales. Total soy meal export sales are expected to be 50,000-225,000 MT, with soy oil in the range of 5,000-25,000. The Brazilian Real has gained nearly 8.4% since the low after mid-May’s selloff. Argentina soybean crush during June was at 3.9 MMT, 15% lower than in May and down 5% from June 2016. China soy oil reserves are at 1.4 MMT, 6.4% larger over the previous month and 14.8% above the previous year.

Aug 17 Soybeans closed at $9.88 3/4, up 7 1/4 cents,

Sep 17 Soybeans closed at $9.93 3/4, up 7 3/4 cents,

Nov 17 Soybeans closed at $10.00 1/4, up 7 1/2 cents,

Mar 18 Soybeans closed at $10.12 1/4, up 6 3/4 cents,

Aug 17 Soybean Meal closed at $319.80, up $1.50,

Aug 17 Soybean Oil closed at $33.73, up $0.23

Soybeans

Soybean futures are trading 6 1/4 to 6 3/4 cents higher in the nearby contracts on Wednesday. Front month soy meal is up $1.40/ton, with Aug 17 soy oil 21 points higher. The weekly Export Sales report will be released tomorrow at 7:00 a.m. CST. The Brazilian Real has gained nearly 8.4% since the low after mid-May’s selloff. Argentina soybean crush during June was at 3.9 MMT, 15% lower than in May and down 5% from June 2016. China soy oil reserves are at 1.4 MMT, 6.4% larger over the previous month and 14.8% above the previous year.

Aug 17 Soybeans are at $9.87 3/4, up 6 1/4 cents,

Sep 17 Soybeans are at $9.92 1/2, up 6 1/2 cents,

Nov 17 Soybeans are at $9.99, up 6 1/4 cents,

Jan 18 Soybeans are at $10.08 1/4, up 6 3/4 cents,

Aug 17 Soybean Meal is at $319.70, up $1.40

Aug 17 Soybean Oil is at $33.71, up $0.21

Soybeans

Soybean futures are currently 1 to 2 cents in the red after finishing Tuesday trade with 12 to 17 1/2 cent losses. Front month soy meal was down $7.60/ton, with Aug 17 soy oil 11 points lower. According to the USDA Crop Progress report, most of the ECB and states north of the Corn Belt are lagging their averages for blooming progress, with some states in those regions behind their average for setting pods. Soybean conditions saw an 8 point drop on the Brugler500 index, as LA, ND, and WI were the only states reported higher, up 4 points over last week. TN and MS were down 13 points, with IL 12 points lower and NE down 9. Dr. Cordonnier also lowered his 2017 US soybean yield expectations 1 bpa to 46.5 bpa.

Soybeans

Soybean futures reversed off overnight gains to finish Tuesday trade with 12 to 17 1/2 cent losses. Front month soy meal was down $7.60/ton, with Aug 17 soy oil 11 points lower. According the Crop Progress report, most of the ECB and states north of the Corn Belt are lagging their averages for blooming progress, with some states in those regions behind their average for setting pods. Soybean conditions saw an 8 point drop on the Brugler500 index, as LA, ND, and WI were the only states reported higher, up 4 points over last week. TN and MS were down 13 points, with IL 12 points lower and NE down 9. Dr. Cordonnier also lowered his 2017 US soybean yield expectations 1 bpa to 46.5 bpa.

Aug 17 Soybeans closed at $9.81 1/2, down 16 cents,

Sep 17 Soybeans closed at $9.86, down 16 1/2 cents,

Nov 17 Soybeans closed at $9.92 3/4, down 17 1/4 cents,

Mar 18 Soybeans closed at $10.05 1/2, down 16 3/4 cents,

Aug 17 Soybean Meal closed at $318.30, down $7.60,

Aug 17 Soybean Oil closed at $33.50, down $0.11

Soybeans

Soybean futures are currently 3-4 cents lower, as they are reversing off overnight gains. Front month soy meal is down $3.30/ton, with Aug 17 soy oil 15 points higher. As of Sunday, 69% of the soybean crop was reported blooming, with 29% setting pods, both 2% ahead of their respective averages. Soybean conditions were lowered 4% to 57% g/e, with the Brugler500 at 349 vs. 357 last week. LA, ND, and WI were the only states reported higher, up 4 points over last week, as IL was down 12 with NE 9 lower. Along with dropping his corn estimate, Dr. Cordonnier lowered his 2017 US soybean yield expectations 1 bpa to 47.5 bpa.

Aug 17 Soybeans are at $9.94 1/2, down 3 cents,

Sep 17 Soybeans are at $9.99 1/2, down 3 cents,

Nov 17 Soybeans are at $10.06 1/2, down 3 1/2 cents,

Jan 18 Soybeans are at $10.15, down 4 cents,

Aug 17 Soybean Meal is at $322.60, down $3.30

Aug 17 Soybean Oil is at $33.76, up $0.15


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