Beans Close Down Double Digits

At Monday’s closing bell, the front month soybeans showed loses of 12 to 15 1/2 cents. Despite the large drops, the new crop soy/corn ratio is at 2.601, up 0.17 from Friday. Soymeal traded $7.7 to $7.9/ton in the red. Bean oil futures closed the session with losses of 14 to 15 points. CME’s synthetic soybean crush spread (not tradeable) for September futures was a four year low (for the second month spread) at 61 1/2. The July spread was at 54. Soybeans blooming were 8% above normal, with 48% of the 2020/21 crop blooming as of July 12. NASS reported that 11% of beans were setting pods, which is 1ppt ahead of average. Bean conditions ratings were 68% good/ex, which is down 3 percentage points from last week. On the Brugler500, conditions were down 6 points to 373. In IL, IN, and IA beans were rated 359, 356, and 395 respectively, down 16 points wk/wk collectively. The weekly Export Inspections report showed 17.98 mbu of beans shipped on the week ending July 9. That was down 7% wk/wk and 43% below the same week last year. Of the week’s shipments, 5.9 mbu (33%) were destined for China. With 90,458 MT, Indonesia was the top non China destination. MYTD bean exports are at 1.391 bbu, that is below last year’s pace and is the lowest for week 45 since the 12/13 MY. Iran is tendering for 200k MT of soymeal.

Jul 20 Soybeans closed at $8.76 1/2, down 15 cents,

Aug 20 Soybeans closed at $8.74, down 13 1/4 cents,

Sep 20 Soybeans closed at $8.71 1/2, down 14 cents,

Nov 20 Soybeans closed at $8.75 1/4, down 15 1/2 cents,

Aug 20 Soybean Meal closed at $284.60, down $7.90

Aug 20 Soybean Oil closed at $28.08, down $0.14

--- provided by Brugler Marketing & Management

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