Soybeans are trading with gains of 2 to 4 cents so far on Turnaround Tuesday. The soybean market faced some selling pressure on Monday, with contracts down 5 to 11 cents at the close. CmdtyView’s national front month Cash Bean price was down 11 cents at $9.84. Soymeal futures were down a dime to $4.10/ton, with Soy Oil futures down 18 to 23 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.
CONAB estimates the Brazilian soybean crop at 3.2% harvested, behind the 8.6% pace from last year.
Mar 25 Soybeans closed at $10.45, down 10 3/4 cents, currently up 2 3/4 cents
Nearby Cash was $9.84, down 11 cents,
May 25 Soybeans closed at $10.58 1/2, down 9 3/4 cents, currently up 3 cents
Nov 25 Soybeans closed at $10.43 1/4, down 5 1/2 cents, currently up 4 cents
New Crop Cash was $9.79 3/4, down 5 1/2 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.