Soybeans are trading with 4 to 6 cent losses so far on Tuesday. Futures posted gains of 2 ¼ to 7 ¼ cents in the front months on Monday. Open interest suggested very light short covering, down 1,630 contracts. The cmdtyView national average Cash Bean price was up 3 3/4 cents at $10.90 1/4. Soymeal futures were down $1.00 to $2.00, with Soy Oil futures up 7 to 26 points. Bean oil was supported late as EPA administrator Lee Zeldin indicated the RVO quotas would be released by the end of the month.
A private export sale of 161,120 MT of soybeans was reported to Mexico by USDA on Monday morning.
Monday morning’s Export Inspections report showed 1.101 MMT (40.48 mbu) of soybeans shipped in the week of 3/19. That was 12.3% above the week prior and 32.1% larger than the same week last year. China was the largest destination of 664,967 MT, with 183,999 MT shipped to Egypt and 79,998 MT to Japan. The marketing year total is now 29.182 MMT (1.072 bbu) of soybeans shipped since September 1, which is 27% below the same period last year.
May 26 Soybeans closed at $11.63 1/2, up 2 1/4 cents, currently down 6 1/4 cents
Nearby Cash was $10.89 1/4, up 2 1/2 cents,
Jul 26 Soybeans closed at $11.79, up 2 1/2 cents, currently down 6 cents
Nov 26 Soybeans closed at $11.46 1/2, up 5 1/2 cents, currently down 4 1/4 cents
New Crop Cash was $10.84 1/4, up 5 1/2 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.
