Soybeans in the Green on Weather Forecasts

Soybean futures are up double digits in the nearby contracts on Wednesday. Soymeal is up $4.60/ton, with bean oil 35 points higher. A look at the 7-day QPF shows 3-6 inches for most of the ECB over the next week, with most of the totals later this weekend. With soybean planting progress 28% behind normal on Sunday, the rains threaten to even further delay progress. In their US balance sheet, USDA trimmed old crop cash average price by a nickel to $8.50, with their new crop cash price up 15 cents to $8.25. USDA’s chief economist stated they did not have enough info to change the US new crop soybean production numbers, but he expects an adjustment in the July report.

Jul 19 Soybeans are at $8.77, up 17 3/4 cents,

Aug 19 Soybeans are at $8.83 1/4, up 17 cents,

Sep 19 Soybeans are at $8.90 1/2, up 17 1/4 cents,

Nov 19 Soybeans are at $9.04 1/4, up 17 1/4 cents,

Jul 19 Soybean Meal is at $319.00, up $4.60

Jul 19 Soybean Oil is at $27.57, up $0.35

--provided by Brugler Marketing & Management

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