Soybeans are trading with 3 to 4 cent gains in the nearbys, with nearby November up 12 cents. pulled off the early lows on Tuesday, to close with contracts down 10 to 13 cents across most months. Some new selling was noted, with open interest rising 16,137 contracts on the double digit losses. There were another 5 deliveries issued overnight, taking the total to 1,093 for the month. The cmdtyView national average Cash Bean price was 9 3/4 cents lower at $10.46 1/2. Soymeal futures were down $3.80 to $4.50 to close out the day, with Soy Oil futures 18 to 31 points lower on Tuesday.
Overnight, China suspended some retaliatory tariffs on US goods but left on a 10% tariff from the Libation Day tariff response, with the total tariffs on US soybeans 13%. With the government shutdown and export sales data not reported, the market is trying to gauge how much US business China has taken in the last week. Basis movement in the North and PNW would suggest buyers have been somewhat active.
Bangladesh agreed to raise their purchase of US soybeans and meal, to $1.25 billion over the next 12 months, which is nearly triple their purchases last year.
S&P Global estimates the US soybean yield is estimated at 53 bpa steady with last month. Production was tallied at 4.26 bbu. USDA will be out with their data next Friday the 14th according to a release last week.
EU soybean imports are estimated at 3.81 MMT since July 1 to November 2 according to the European Commission, down 0.78 MMT from the same period last year.
Nov 25 Soybeans closed at $11.08 1/4, down 11 1/2 cents, currently up 12 cents
Nearby Cash was $10.46 1/2, down 9 3/4 cents,
Jan 26 Soybeans closed at $11.21 1/2, down 12 3/4 cents, currently up 3 cents
Mar 26 Soybeans closed at $11.27 3/4, down 12 1/2 cents, currently up 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.
