Soybeans Continues Weakness on Tuesday Morning
Soybeans are trading with losses of 3 to 5 cents on Tuesday morning. Futures pulled off early sharp losses on Monday, with contracts fractionally to 4 ¼ cents higher and nearly a dime off the lows. Open interest was down 6,412 contracts, with 17,064 MT rolling out of November. The cmdtyView national average Cash Bean price was down 6 3/4 cents at $12.27 1/4. Soymeal futures were 40 cents to $6.90 higher, with Soy Oil futures up 42 to 61 points. There was 51 deliveries against October soybean oil overnight. October expires on Wednesday. The harvest price for Crop Insurance is discovered during October, with the average November soybean close so far at $12.89.
The harvest window is open for another couple days, though some rains are expected by Thursday in parts of the Southern Plains through MO, southern IA, IL, IN and OH, with other parts of the Corn Belt getting lighter totals.
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The Export Inspections and Crop Progress reports will be released later today due to the federal holiday from Monday.
China’s Sinograin sold 209,904 MT of soybeans at an auction of state reserves, 40.5% of the 518,000 MT offered.
Nov 26 Soybeans closed at $12.87 3/4, down 4 1/4 cents, currently down 5 1/4 cents
Nearby Cash was $12.27 1/4, down 6 3/4 cents,
Jan 27 Soybeans closed at $13.04 3/4, down 4 cents, currently down 5 1/4 cents
Mar 27 Soybeans closed at $13.14 1/2, down 4 1/4 cents, currently down 4 3/4 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.
