Soybean Market Bounces After Tuesday Slide

Soybean futures are mostly 2 to 2 1/2 cents higher this morning. They posted 13 to 15 1/4 cent losses on Tuesday, hitting new 2019 lows on the continious front month chart. Preliminary open interest shows net new selling of a modest 8,770 contracts. A lot of rolling from May to July was also noted. Meal futures were $1.50/ton lower, May soy oil down 64 points, weakening product values. Argentina’s soybean harvest is now thought to be 30% complete. Brazil has harvested 92% of the crop in that country. Brazil’s Ag Ministry expects soybean exports to be hurt by the spread of ASF in China. US Soybean cash prices averaged $7.81 on Tuesday per cmdtyView, $1.73 1/4 lower than the same day a year ago. The national basis was -81 cents; that is still 14 1/2 cents weaker yr/yr.

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