Soybeans Close Mixed on Tuesday
The nearby soybean futures were a penny to 3 cents higher at the close, while new crop beans closed fractionally weaker. Soymeal futures ended with strong gains of over 1.5% for the front months. Soy oil futures closed down by 88 to 100 points across the front months on Tuesday.
Chinese Dalian Soybean Prices were 15 to 20 yuan lower on Monday while the US market was closed.
NOPA members reported 195.3 mbu of soybeans were processed in December. That was a new all time high from NOPA members, and was up 10% from last year. Estimates were to see 193.1 mbu. Soybean oil stocks were shown at 1.36b lbs.
AgRural reported Brazil’s soybean harvest at 2.3% complete as of 1/11. That compared to 0.6% at the same time last year. Safras and Mercado reported harvest at 2.1% finished, with Patria Agronegocios reporting 2.4% complete.
Private analyst firm Capeco anticipates Paraguay’s first crop bean harvest at 9.5 MMT – citing El Nino rain patterns.
Mar 24 Soybeans closed at $12.27 1/4, up 3 cents,
Nearby Cash was $11.70 1/4, up 3 3/4 cents,
May 24 Soybeans closed at $12.38 1/2, up 2 3/4 cents,
Jul 24 Soybeans closed at $12.46 3/4, up 2 1/2 cents,
On the date of publication, Alan Brugler 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.
