Soybean traders were awaiting Tuesdays U.S. crop condition rating. U.S. soybean planting is progressing on pace at 67% planted. 37% of the crop has emerged, which is behind the annual average of 40% emerged. Recently soybean futures traded down hard on technical selling linked with improving U.S. weather forecasts. The active Fund selling was spurred by continued Brazilian pressure on U.S. demand and the idea of more U.S. soybean acres for the current growing seasons as some Midwest farmers have struggled to plant corn amid an anomalously wet spring. In recent news, China’s soybean buyers are pushing to delay soybean imports largely originated from Brazil. Its estimated that this involves 5-7 panamax-sized vessels (~360,000MT total). Chinese soybean crush profits have swung to the biggest losses in nearly three years after China’s edible oil markets were flooded with rapeseed oil auctioned from national reserves and by growing imports of other alternative vegetable oils. This week Canadian old crop soybean prices are near $11.00/bu FOB farm and new crop values are $10.70/bu delivered.

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