Soybeans Mixed, with New Crop Creeping Higher
Soybeans are treading with mixed action on Monday’s midday, with some spreads unwinding, as new crop is up 3 ½, with nearbys down 1 ½ cents. CmdtyView’s national front month Cash Bean price was down 1 ½ cents at $9.88 1/4. Soymeal futures are down $3.30/ton, with Soy Oil futures 71 points lower.
Weekly Export Inspections data tallied soybean shipments at 546,348 MT (20.08 mbu) in the week that ended on April 10. That was down 32.9% from the week prior but 22.1% above the same week last year. Despite all the tariff back and forth, China was the largest of 135,021 MT, with 127,122 MT to Germany, 77,081 MT headed to Vietnam and 73,147 MT to Mexico. Marketing year shipments are now 41.111 MMT (1.55 bbu), an increase of 10.8% from the same week last year.
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NOPA data will be released on Tuesday, with the trade looking for March crush to total 197.6 million bushels, which would be slightly above the March 2024. Soybean oil stocks are seen totaling 1.617 billion pounds.
Commitment of Traders data showed a total of 20,600 contracts added to the soybean futures and options position for spec traders, at 50,477 contracts as of Tuesday. Commercials were cutting 21,775 contracts from their net short to 81,365 contracts.
China’s soybean imports were at just 3.5 MMT in March, which was a crop of 36.8% from last year’s total, with first quarter imports down 7.9% y/yr to 17.11 MMT.
May 25 Soybeans are at $10.41 1/4, down 1 1/2 cents,
Nearby Cash is at $9.88 1/4, down 1 1/2 cents,
Jul 25 Soybeans are at $10.50 1/2, down 2 1/2 cents,
Nov 25 Soybeans are at $10.29, up 3 1/2 cents,
New Crop Cash is at $9.67 1/4, up 3 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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