Soybeans are down 5 to 6 cents in the front months at Tuesday’s midday. The cmdtyView national average Cash Bean price is 4 3/4 cents lower at $10.18 1/4. Soymeal futures are $3.50 to $4.00 in the red, with Soy Oil futures 25 to 30 points lower.
WASDE data was updated this morning, but nothing in the US side was adjusted. The World Ag Outlook Board decided to punt to the January report as both supply and demand was left stale and projected ending stocks were steady at 290 mbu.
Over on the world side, few changes were noted, as South American production was steady. World stocks were raised by just 0.38 MMT to 122.37 MMT.
Brazilian soybean exports during December are estimated to total 3.33 MMT, according to ANEC, 0.52 MMT above their previous estimate. That would also be 3.3 MMT above the same month last year. Early on Tuesday morning, the Argentina economy minister announced the soybean export tax is to drop 2 points to 24%, with products down 2 points to 22.5%.
Jan 26 Soybeans are at $10.88 3/4, down 5 cents,
Nearby Cash is at $10.18 1/4, down 4 3/4 cents,
Mar 26 Soybeans are at $11.00, down 5 3/4 cents,
May 26 Soybeans are at $11.10 3/4, down 6 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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