The soybean market is pulling back on Monday, with contracts down 7 to 11 cents so far. CmdtyView’s national front month Cash Bean price is down 10 3/4 cents at $9.84 1/4. Soymeal futures were down $4.90/ton, with Soy Oil futures down 27 points on the session.
The weekly Export Inspections report indicated a total of 729,362 MT (26.8 mbu) of soybeans shipped in the week of 1/23. That was down 20.2% from the same week last year and 8.5% below the previous week. Shipments were fairly spread out, with China the top destination of 141,275 MT and 119,230 TMT to Columbia. The marketing year total is now at 33.03 MMT (1.214 bbu) since September 1, which is now 19.3% ahead of the same point last year.
Commitment of Trader data showed specs adding 5,497 contracts to their new net long in soybean futures and options to 40,330 as of Tuesday.
AgRural trimmed their soybean production estimate for Brazil by 0.5 to 171 MMT, citing some lower yields in couther regions. Harvest of the crop was listed at 3.9% planted.
Mar 25 Soybeans are at $10.45, down 10 3/4 cents,
Nearby Cash is at $9.84 1/4, down 10 3/4 cents,
May 25 Soybeans are at $10.58 1/4, down 10 cents,
Nov 25 Soybeans are at $10.41, down 7 3/4 cents,
New Crop Cash is at $9.76 1/4, down 8 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.