Soybeans are trading with 3 to 4 cent gains so far on Tuesday. Futures saw 9 to 10 cent losses in the front months on Monday. Open interest was down 15,996 contracts on Monday, most of which was in January (-32,102) ahead of First Notice day on Wednesday. The cmdtyView national average Cash Bean price was 8 cents lower at $9.80 3/4. Soymeal futures were down $2.50 to $4.90/ton. Soy Oil futures were up 6 to 10 points on the day, with help from a bounce in crude oil.
USDA reported a private export sale of 100,000 MT of soybeans to Egypt on Monday morning.
Monday morning’s Export Inspections report showed a total of 750,312 MT (27.57 mbu) of soybeans shipped in the week of 12/25. That was 19.3% below the week prior and 54.4% lower than the same week last year. China was as the largest destination of 135,417 MT, with 127,0173 MT shipped to Egypt and 89,227 MT to Vietnam. The marketing year total is now 15.396 MMT (565.71 mbu) of soybeans shipped, which is now 46.3% below the same period last year.
Pressure was also from drills by the Chinese military around Taiwan, heightening political tensions between the US and China.
Jan 26 Soybeans closed at $10.49 1/2, down 9 1/4 cents, currently up 3 1/2 cents
Nearby Cash was $9.80 3/4, down 8 cents,
Mar 26 Soybeans closed at $10.63 1/2, down 9 cents, currently up 3 1/2 cents
May 26 Soybeans closed at $10.75 1/4, down 9 cents, currently up 3 1/4 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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