Soybeans Face Weakness on Tuesday
Soybeans posted Tuesday losses of 6 to 9 cents in the nearby contracts on Tuesday. The cmdtyView national average Cash Bean price was down 8 cents at $10.89 1/4. Soymeal futures were down $1.30 to $4.80 in the front months, with Soy Oil futures down 8 to 31 points at the close.
Crude oil was down $2.03 on the day after late reports that the US and Iran were reviewing a Pakistan proposed 2-week ceasefire ahead of Tuesday nights deadline.
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USDA will release their monthly WASDE report on Thursday morning. A survey of analysts by Bloomberg shows very few changes expected to the US balance sheet with an average estimate at 349 mbu for soybean’s carryout, vs. 350 mbu in March.
Soybean exports out of Brazil totaled 14.52 MT in March according to the country’s trade data, double the February total but down 1.11% from a year ago.
May 26 Soybeans closed at $11.58 1/4, down 8 1/2 cents,
Nearby Cash was $10.89 1/4, down 8 cents,
Jul 26 Soybeans closed at $11.74 1/2, down 8 3/4 cents,
Nov 26 Soybeans closed at $11.51, down 6 cents,
New Crop Cash was $10.90 3/4, down 6 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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