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Commodity futures

Chicago Board of Trade Soybean Futures Expected to Open Higher Tuesday

Strategic Insights

— 1 min read

Chicago Board of Trade nearby soybean futures are anticipated to open 1-3 cents a bushel higher on Tuesday, following a stronger overnight trade, due to unchanged U.S. crop conditions and a lack of weather threats, according to CBOT floor brokers. The overall health of the U.S. soybean crop remained unchanged at a 68% good-to-excellent rating, as reported by the U.S. Department of Agriculture's weekly crop progress report. However, there were significant improvements in the northern-belt states of Michigan and Wisconsin, with Michigan's soybeans in good-to-excellent condition rising to 57% and Wisconsin improving to 61%.

Key Takeaways:

  • Chicago Board of Trade nearby soybean futures expected to open 1-3 cents a bushel higher on Tuesday.
  • Unchanged U.S. crop conditions and lack of weather threats contributing to higher opening.
  • CBOT floor brokers cited U.S. Department of Agriculture's weekly crop progress report.
  • Significant improvements seen in northern-belt states of Michigan and Wisconsin.
  • Michigan's soybeans in good-to-excellent condition rose to 57%, up from 43%, and Wisconsin improved to 61%, up from 55%.

Statistics:

  • 68% of U.S. soybean crop rated good-to-excellent, according to U.S. Department of Agriculture's weekly crop progress report.
  • Michigan's soybeans in good-to-excellent condition rose to 57%, up from 43%.
  • Wisconsin's soybeans in good-to-excellent condition improved to 61%, up from 55%.
  • Nov soybeans were 1/4 cent lower at $6.47 a bushel on the e-CBOT.
  • Aug beans were up 3 cents to $7.10 1/2 on the e-CBOT.
  • Dec soymeal was down $0.10 to $201.00 a short ton on the e-CBOT.

Sources:

  • "Chicago Board of Trade nearby soybean futures are expected to open 1-3 cents a bushel higher Tuesday following a firmer overnight trade..."

+ (ODJ via COMTEX) (Dow Jones)

  • U.S. Department of Agriculture's weekly crop progress report

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  • Global Weather Services

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  • Tanner Ehmke, Dow Jones Newswires; (312-341-5778); (tehmke@osterdowjones.com)

+ (No date provided)

  • COMTEX

+ (http://www.comtexnews.com)

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