Soybean | June 30th, 2014
Cash Soybeans Market (S-099)
The soybean crop emergence figure was 94% which equals the five year average. Ten percent of the crop is blooming which equals the five year average. The crop condition was 72% for Good and Excellent . This figure is better than the 67% from last year.
With 11% more acres planted and assuming that Mother Nature provides for great growing conditions there should be a bumper crop which will sit well with the soybean “bears.”
Soybean oil futures contracts are the benchmark for the soybean oil market. The bulk of the soybean crop is grown for oil production. Soybean oil, commonly called vegetable oil, is very popular because it is cheap, healthful and has a high smoke point. Soybean oil is not only used in food products. It also used as a natural renewable replacement for petroleum-based products such as: bio diesel, inks, plasticizers, crayons, paints and soy candles.