Soybeans Pressured Lower on Tuesday
The soybean market is posting 2 to 7 cent losses at Tuesday’ midday. CmdtyView’s national front month Cash Bean price is down 7 cent at $9.4 1/4. Soymeal futures are down $2.70/ton in the front months, with Soy Oil futures 4 points higher on the day.
Heading into the Prospective Plantings report in Monday, traders are expecting to see 83.8 million acres of soybeans on average. That is according to a Bloomberg survey, with a range of 82.5 to 85.5 million acres.
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EU soybean imports have totaled 9.84 MMT from the first of July to March 23, compared to 9.23 MMT for the same time period last year. Meal import are at 13.6 MT, well above the 10.73 MMT from the year prior.
May 25 Soybeans are at $10.00 1/4, down 7 cents,
Nearby Cash is at $9.40 1/4, down 7 cents,
Jul 25 Soybeans are at $10.13 3/4, down 5 3/4 cents,
Nov 25 Soybeans are at $10.03 3/4, down 2 3/4 cents,
New Crop Cash is at $9.40 3/4, down 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.
