China Grain Reserves Group (Sinograin)Private± Mixed
Supplyrelevance
Sinograin to auction 504,000 metric tons of imported soybeans, which could add supply but impact is unclear.
Soybean futures continued to slide Tuesday morning, trading 3 to 5.5 cents lower after Monday's session saw losses of 18.75 to 40.5 cents across the board. The cmdtyView national average cash bean price fell 39.5 cents to $11.74 1/4, while soymeal futures dropped $5.50 to $11.10 and soy oil futures declined 104 to 287 points, pressured further by a $7.40 drop in crude oil. USDA data showed 80% of the U.S. soybean crop blooming as of July 26, six percentage points ahead of normal, with 47% setting pods and condition ratings slipping three points to 63% good to excellent. Weekly export inspections reached 348,850 metric tons, up 9.3% from the prior week but 18.5% below the same week last year, bringing marketing-year shipments to 38.97 million metric tons, down 17.5% year-over-year. China's state-owned Sinograin is set to auction 504,000 metric tons of imported soybeans on Friday.
Sinograin to auction 504,000 metric tons of imported soybeans, which could add supply but impact is unclear.