Soybeans are trading with 12 to 16 cent losses across most contracts on Tuesday. Futures posted 16 to 21 cent gains across the front months on Monday. Open interest showed new buying, up 9,867 contracts. There were 204 deliveries issued on Friday night, taking the total to 1,088 for the month. The cmdtyView national average Cash Bean price is 21 cents higher at $10.56 1/4. Soymeal futures were back down a dime to 80 cents on the day, with Soy Oil futures 104 to 116 points higher on the day
Export Inspections data showed 965,063 MT (35.46 mbu) of soybeans shipped in the week that ended on October 30, which was a drop of 16.8% from the week prior and 58.3% below the same week last year. Egypt was the top destination of 234,353 MT, with 138,647 MT to Italy and 133,192 MT to Mexico. Marketing year shipments have totaled 7.78 MMT (285.88 mbu), a 40% decline yr/yr.
The US soybean yield is estimated at 53.6 bpa according to StoneX, a 0.3 bpa reduction from last month. USDA will be out with their data next Friday according to a release last week.
The monthly Fats & Oils report will not be released again this afternoon, though analysts are looking for 205.4 mbu of soybeans crushed during September.
Nov 25 Soybeans closed at $11.19 3/4, up 20 cents, currently down 15 1/2 cents
Nearby Cash was $10.56 1/4, up 21 cents,
Jan 26 Soybeans closed at $11.34 1/4, up 19 cents, currently down 16 1/2 cents
Mar 26 Soybeans closed at $11.40 1/4, up 16 1/2 cents, currently down 16 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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