Soybeans are down 5 to 6 cents in the front months on Tuesday morning. Futures posted losses of 8 to 11 ½ cents across most contracts on Monday. Open interest dropped 8,229 contracts on Monday. The cmdtyView national average Cash Bean price was 11 1/2 cents lower at $10.23. Soymeal futures were 20 cents to $1.30 in the red. Soy Oil futures saw 34 to 51 point losses. There were 6 deliveries against December soybean oil overnight.
Monday morning’s Export Inspections report showed a total of 1.018 MMT (37.41 mbu) of soybeans shipped in the week of 12/4. That was 41.4% below the same week last year and 10.6% above last week’s total. Mexico was the largest buyer of 132,050 MT, with 119,895 MT shipped to China and 91,171 MT to Indonesia. The marketing year total is now 12.9 MMT (473.98 mbu) of soybeans shipped, which is now 45.2% below the same period last year.
The backlog of USDA Export Sales reports showed data for the week ending on 11/6, with soybean bookings at 510,554 MT. That was a marketing year low, as most buyers were absent on the price rally, with a total of 232,000 MT sold to China in that week.
WASDE data will be updated on Tuesday, as traders are looking for 306 mbu in US soybean ending stocks, up 16 mbu from the previous month if realized.
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 closed at $10.93 3/4, down 11 1/2 cents, currently down 6 cents
Nearby Cash was $10.23, down 11 1/2 cents,
Mar 26 Soybeans closed at $11.05 3/4, down 10 1/4 cents, currently down 5 3/4 cents
May 26 Soybeans closed at $11.16 3/4, down 8 3/4 cents, currently down 5 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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