Soybeans fall to lowest level since February

decrease font size  Resize text   increase font size       Printer-friendly version of this article Printer-friendly version of this article

Corn futures struggled to avoid sustained losses in Tuesday trading. However, prices were traded lower at close as bearish sentiment was reinforced due to the ideal crop weather that is supportive for maintaining good crop conditions. USDA reported the corn condition ratings at 75% good to excellent. That was the highest rating for early July in 15 years. There were five deliveries posted against the July futures. September corn dove 2.25 cents to $3.9825/bushel, and December lost 2.00 cents to $4.0425.

The soybean futures fell for a seventh straight session Tuesday to their lowest level since February as buying interest dried up after USDA’s Crop Progress report. The nearby contracts were heavily undercut by the profit taking and long liquidation actions. The U.S. crop condition rating for soybeans were at 72% good to excellent, the highest rating in the season since 1994 and is 10 points above the ten-year average. The forecast maps suggested favorable weather in the Midwest for the next two weeks. August soybeans plunged 24.75 cents to $12.485/bushel, and November moved 9.25 cents lower to $11.1625. August soyoil was down 0.55 cents to 37.88 cents/pound, and August soymeal fell $6.8 to $401.9/ton.

The wheat markets ended the day on a mixed note. After sharp losses Monday that carried CBOT July wheat to a four year low for a nearby contract, prices attempted to stabilize and closed with little changes. However, KC wheat market was depressed by the winter wheat harvest progress. Harvest is now focused on Kansas, Nebraska and the eastern Midwest. 70% of all Kansas wheat has been harvested as of July 7, a large step ahead of a week ago at 40%. September CBOT wheat futures edged 0.5 cents down to $5.5625 bushel, while September KCBT wheat declined 5.5 cents to $6.66425, and September MWE futures descended 4.75 cents to $6.57.

Cattle futures were mostly lower on Tuesday. Futures weakness was led by the nearby August contract. A large commodity fund is rolling their long position ahead by selling August futures and buying October. The rolling process began Tuesday and will continue over the next four days. Last week’s holiday shortened week has translated into additional supply of market-ready cattle this week. The larger supply coupled with concern about consumer demand at these price levels has prompted some profit-taking in futures. Tuesday’s price action appeared to be a continuation of Monday’s pullback from the early highs. Trade is monitoring beef prices closely for signs of weakening demand, but midday beef prices were actually higher. The Choice cutout reached $250.03 per cwt, up $1.85. August cattle settled 1.43 cents lower to 153.52 cents/pound while December was 0.05 cents higher to 155.35 cents. Meanwhile, August feeder cattle closed 2.10 cents lower to 215.90 cents/pound.

Hog futures were mixed Tuesday morning. Firm cash prices gave a boost to the CME futures. Higher pork prices added additional support. Slaughter number picked up as prices are moving higher. However, the market was undermined by the lower beef values and poor financial market performance. August hog futures decreased 1.85 cents at 129.975 cents/pound and December rose 0.225 cents to 104.275 cents.


Buyers Guide

Doyle Equipment Manufacturing Co.
Doyle Equipment Manufacturing prides themselves as being “The King of the Rotary’s” with their Direct Drive Rotary Blend Systems. With numerous setup possibilities and sizes, ranging from a  more...
A.J. Sackett Sons & Company
Sackett Blend Towers feature the H.I.M, High Intensity Mixer, the next generation of blending and coating technology which supports Precision Fertilizer Blending®. Its unique design allows  more...
R&R Manufacturing Inc.
The R&R Minuteman Blend System is the original proven performer. Fast, precise blending with a compact foot print. Significantly lower horsepower requirement. Low inload height with large  more...
Junge Control Inc.
Junge Control Inc. creates state-of-the-art product blending and measuring solutions that allow you to totally maximize operating efficiency with amazing accuracy and repeatability, superior  more...
Yargus Manufacturing
The flagship blending system for the Layco product line is the fully automated Layco DW System™. The advanced technology of the Layco DW (Declining Weight) system results in a blending  more...
Yargus Manufacturing
The LAYCOTE™ Automated Coating System provides a new level of coating accuracy for a stand-alone coating system or for coating (impregnating) in an automated blending system. The unique  more...
John Deere
The DN345 Drawn Dry Spreader can carry more than 12 tons of fertilizer and 17.5 tons of lime. Designed to operate at field speeds up to 20 MPH with full loads and the G4 spreader uniformly  more...
Force Unlimited
The Pro-Force is a multi-purpose spreader with a wider apron and steeper sides. Our Pro-Force has the most aggressive 30” spinner on the market, and is capable of spreading higher rates of  more...
BBI Spreaders
MagnaSpread 2 & MagnaSpread 3 — With BBI’s patented multi-bin technology, these spreaders operate multiple hoppers guided by independent, variable-rate technology. These models are built on  more...


Comments (0) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left


Kinze 1500 Grain Cart

The Kinze 1500 Grain Cart is engineered for speed and reliability required of custom harvesters. Load up to 1500 bushels ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form