Soybeans are currently 8 to 34 lower at midday, with the August contract giving back a substantial portion of its gains from Monday on profit taking ahead of options expiration on Friday. After the close, USDA announced better crop condit ion ratings than some had expected. The Brugler500 index declined only 1 point for the week. Maturity lags, with only 8% of the crop setting pods. The 5 year average is 19%, and last year 33% of the crop was already at the seed formation stage by now. August Meal futures were limit up yesterday, and traded another $3 higher synthetically in the options. Weekly soybean export inspections continue to be very light at 2.847 mbu. Crush demand is the underlying support in the market.
Posted on: Tue, 23 Jul 2013 17:43:32 +0000
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