Soybeans Down Off the Highs on Trade Aid Rumor

Soybean futures down 4 to 6 cents in most contracts on Tuesday after being higher for most of the morning. July soy meal is down $1.90/ton, with soybean oil 27 points lower. A rumor this morning says President Trump is considering $2/bu trade aid for soybeans, though no official announcements have been made. That would talk a lot of producers out of considering prevent plant claims and into late planted soybeans. After Monday’s close, the Crop Progress report indicated that just 19% of the soybean crop was planted on May 19, vs. the average of 47%. IA was 27% complete, with MN at 10%, SD only 4%, IL 9% and NE 40% in the ground. NASS also reported that 5% of the US crop was emerged, compared to the normal pace at 17%.

Jul 19 Soybeans are at $8.26 3/4, down 5 cents,

Aug 19 Soybeans are at $8.32 1/2, down 6 cents,

Sep 19 Soybeans are at $8.40, down 5 cents,

Nov 19 Soybeans are at $8.53, down 4 3/4 cents,

Jul 19 Soybean Meal is at $295.40, down $1.90

Jul 19 Soybean Oil is at $27.23, down $0.27

--provided by Brugler Marketing & Management




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