Soybean Market Extends Monday Losses Overnight

Soybean futures are 9 to 11 cents lower after 10 to 11 1/2 cent losses in the front months on Monday. Long liquidation was the theme yesterday with preliminary open interest dropping 10,398 contracts. August soybean meal was down $3.20/ton, with soy oil 3 points lower. US Export Inspections were 854,373 MT for the week ending on July 11. That was a 12.17% jump from the previous week and 34% above the same week last year. Of that total 460,302 MT was headed to China. The NOPA report indicated members crushed just 148.843 mbu. in June. That was down 3.85% from May and a 6.53% drop from last June. Soy oil stocks came in just above the average trade estimate at 1.535 billion lb. The weekly USDA Crop Progress report indicated 95% of the crop emerged, with 22% in the blooming stage (49% average). Crop conditions ended up seeing a 1% improvement to 54% gd/ex, with the Brugler500 up 2 points to 347. That’s 20 points higher than the same week in 1993.

--provided by Brugler Marketing & Management




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