Soybeans Pull Back on Turnaround Tuesday
The soybean market posted 5 to 6 cent lower trade in most nearby contracts on Tuesday, as January expired up 1 ½ cents. CmdtyView’s national front month Cash Bean price was down 6 cents at $9.88. Soymeal futures were back down 30 cents to $2/ton on the day. Soy Oil futures were 16 to 26 points higher on the session. There were 112 deliveries issued against January soybeans overnight, with 6 for January meal and 59 for bean oil.
USDA reported another private export sale of 198,000 MT of beans to China this morning for 2024/25 shipment.
Wednesday’s NOPA crush for December is expected to show 205.498 mbu of soybean crushed, which would be 6.4% larger than November and 5.2% larger than last year.
Brazil’s soybean crop was pegged at 166.32 MMT this morning by CONAB, a 0.11 MMT increase from last month. January soybean exports out of Brazil are expected to total 2.19 MMT according to ANCE, a 0.48 MMT increase from their prior estimate.
Jan 25 Soybeans closed at $10.43, up 1 1/2 cents,
Nearby Cash was $9.88, down 6 cents,
Mar 25 Soybeans closed at $10.47 1/2, down 5 1/2 cents,
Jul 25 Soybeans closed at $10.72 1/2, 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.