Soybeans posted a back and forth trade on Tuesday, but managed to close on the weaker side, down 2 to 4 cents across the front months as traders were selling the fact on the Chinese purchases. The cmdtyView national average Cash Bean price was 4 cents lower at $10.80 3/4. Soymeal futures were back down $3.30 to $5 at the close, with Soy Oil futures 93 to 103 points higher.
USDA reported a total of 792,000 MT of soybeans sold to China via their daily announcement system this morning. Wire had reports indicated at least 14 cargoes (~840,000 MT) were purchased by China on Monday, with some pushing that number towards 20 cargoes (1.2 MMT).
USDA’s Crop Progress report from this week showed a total of 95% of the US soybean crop harvested as of Sunday, slightly behind the 96% average pace.
Brazil’s soybean crop is estimated at to hit 177.7 MMT according to Abiove, a reduction of 0.8 MMT from their previous number.
Jan 26 Soybeans closed at $11.53 1/2, down 3 3/4 cents,
Nearby Cash was $10.80 3/4, down 4 cents,
Mar 26 Soybeans closed at $11.60 1/4, down 3 cents,
May 26 Soybeans closed at $11.67 1/4, down 2 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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