Soybeans Higher at Midday, with very Few USDA Adjustments
Soybeans are trading with 2 to 4 cent gains so far on Tuesday, as USDA made no changes to the US balance sheet. The cmdtyView national front month Cash Bean price is up 3 1/4 cents at $9.53 3/4. Soymeal futures are up 60 cents/ton in the nearbys, with Soy Oil futures 9 points lower. There were no deliveries against March beans overnight, with 1 for March soy meal and 195 for March bean oil.
USDA’s WASDE report from this morning showed no changes to the US balance sheet, as the carryout was left at 380 mbu. That was in line with estimates. The US cash average price was trimmed by 15 cents to $9.95.
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USDA also made no changes to the major world suppliers, as Brazil (169 MMT) and Argentina (49 MMT) were both left unchanged. However, there was a 2 MMT increase to Chinese crush, which did help to cut back their ending stock to 43.96 MMT. The World ending stocks total was down 2.93 MMT to 121.41 MMT, mainly on the Chinese cut, as well as a reduction to Argentina (1 MMT increase in crush).
Mar 25 Soybeans are at $10.03 1/4, up 3 1/2 cents,
Nearby Cash is at $9.53 3/4, up 3 1/4 cents,
May 25 Soybeans are at $10.17, up 3 cents,
Nov 25 Soybeans are at $10.20 3/4, up 3 cents,
New Crop Cash is at $9.55 1/2, up 2 1/4 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.
