U.S. crush of lower-than-expected CBOT soybeans falls-Finance News

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Source: Oil Meal Noodles

Original title: US crush is lower than expected, CBOTSoybeansFall

Although the crop rating released by the USDA on Monday night was lower than expected, the forecast for next week’s weather in the Midwest and Great Plains will be relatively gloomy, triggering a new round of technical selling.Closing overnight, SeptembercornThe contract fell more than 1.3%, and some wheat contracts fell more than 2.5%. Soybean prices fell by 1.25%.

According to the latest 72-hour cumulative precipitation map of the National Oceanic and Atmospheric Administration (NOAA), from Wednesday to Saturday, there will be sporadic rainfall in the plains, while a small part of northern Illinois and southern Wisconsin will be here. There may be as much as 1 inch or more of rain in a period of time. The agency still predicts that most areas of the corn belt will experience seasonal cool and humid weather from June 22 to 28 in the 8- to 14-day outlook.

After an overnight round of weather-related technical sell-offs, CBOT soybean prices fell under pressure throughout the trading day on Tuesday. A relatively disappointing press report from NOPA also brought additional resistance. July futures fell 8.5 cents to $14.6375, and August futures fell 18 cents to $14.325.

The soybean basis for a processor in Indiana fell by 5 cents on Tuesday, but today the soybean basis for the rest of the Midwest remains stable.

As of Sunday, soybean planting progress reached 94%, higher than 90% a week ago, but one percentage point slower than the market’s average forecast of 95%. However, this is still much higher than the 88% average of the previous five years. The emergence rate of 86% is also very favorable compared with the average level of 74% in the previous five years. Soybean quality rating fell sharply, down 5 percentage points from a week ago to 62%, and the rating was good to excellent.

The National Oilseed Processors Association (NOPA) reported that the US soybean crush in May was 163,521 million bushels. This is higher than the April squeeze of 160.31 million bushels, but it is down 3.6% year-on-year. It is also slightly below the average market estimate of 165.12 million bushels.

NOPA also reported that domestic soybean oil stocks in the United States continued to fall, from 1.702 billion pounds in April to 1.671 billion pounds at the end of May.Soybean mealExports rose to 714,377 tons in May, higher than the 22-month low of 689,441 tons in April.

　　Weather in the main soybean producing areas of the United States

　　Major soybean producing areas in the U.S.