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Soybean Prices Mostly Higher on Tuesday, Excluding August FuturesAugust soy futures settled ¼ cent lower on Tuesday, while the rest of the contracts were 4 3/4 to 7 cents higher and extending gains from Monday. August does have to deal with the upcoming options expiration on Friday. Soymeal futures settled UNCH to 90 cents/ton lower, rallying in the last hour of trading. Soy Oil futures settled mixed, with nearby August down 34 points but October and later deliveries in the plus column by 9 to 42 points. Dryness in the 7-day forecast and above normal temps in the 8-14 day outlook gave the market some support as we round out July and head toward August. The weekly Crop Progress update from NASS indicated 65% of the US bean crop was blooming as of July 21, with 29% setting pods, both 5% points ahead of average maturity for the date. Soybean condition ratings were unchanged at 68% gd/ex, with the Brugler500 index remaining at 370. The 5 year average for that index is 360 for this week. Aug 24 Soybeans closed at $11.17 1/2, down 1/4 cent, Nearby Cash was $10.94 1/1, up 1 1/2 cents, Nov 24 Soybeans closed at $10.75 1/2, up 6 3/4 cents, Jan 25 Soybeans closed at $10.89 1/2, up 6 1/2 cents, New Crop Cash was $10.28 5/8, up 7 1/2 cents, On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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