Soybeans Post Tuesday Losses, Following Bean Meal
Soybeans closed out Tuesday with losses of 9 to 10 ¼ cent in the front months to follow up the Monday pullback. The cmdtyView national average Cash Bean price was 10 1/4 cents lower at $9.66 1/4. Soymeal futures were a pressure factor, down $4.50 to $8.20, as Soy Oil futures are up 80 to 96 points. There were 26 deliveries issued against soybeans on Friday night, with 30 for January bean oil.
USDA reported a private export sale of 168,000 MT of soybeans to China this morning, with 152,404 MT reported as sold to Mexico.
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Late on Monday afternoon, President Trump threatened a 25% tariff on any country doing business with Iran, with biggest concern being China. There has been no response from China.
NOPA data will be out on Thursday, with traders looking for a total of 224.8 million bushels of soybeans crushed in December.
Sinograin sold 1.1 MMT of soybeans in their auction of Chinese state reserves on Tuesday.
January exports out of Brazil are estimated at 3.73 MMT according to ANEC, which was a 1.33 MMT increase from the previous estimate.
Jan 26 Soybeans closed at $10.23 1/4, down 9 3/4 cents,
Nearby Cash was $9.66 1/4, down 10 1/4 cents,
Mar 26 Soybeans closed at $10.38 3/4, down 10 1/4 cents,
May 26 Soybeans closed at $10.52, down 9 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.
