Soybeans are showing 5 to 6 cent gains so far on Tuesday AM trade. Futures rounded out the bloody Monday session with contracts down 17 to 30 ¾ cents across the board. Long liquidation was noted, with a drop of 19,381 contracts in open interest. The cmdtyView national average Cash Bean price was down 29 1/2 cents at $12.32. Soymeal futures were down $3.60 to $12.20, with Soy Oil slipping just 10 to 21 points.
Following last week’s US/China meeting, China dropped tariffs on several US goods, but left soybeans off the list. This will likely limit US export business to just state-owned entities, which are exempt from the 10% tariff.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.USDA’s Crop Progress report from Monday indicated 75% of the US soybean crop dropping leaves as of 9/27. Harvest was tallied at 17% complete, now matching the average pace. Condition ratings were steady at 58% gd/ex, with the Brugler500 index at 352.
The Monday Export Inspections report showed soybean shipments of 1.153 MMT (42.36 mbu) in the week of 9/24. That was up 49.8% from the week prior and 88.8% ahead of the same week last year. China was the largest destination of 806,776 MT, with 114,362 MT shipped to Egypt and 50,777 MT to Japan. Shipments for the marketing year are now at 2.844 MMT (104.5 mbu) of soybeans, which is now 25.7% ahead the same period last year.
NASS will release Grain Stocks data on Wednesday, as analysts polled by Bloomberg are looking for 321 million bushels of soybeans on hand at the end of August. That would be below the 325 mbu from last year if realized.
Nov 26 Soybeans closed at $12.88 1/4, down 30 3/4 cents, currently up 5 1/4 cents
Nearby Cash was $12.32, down 29 1/2 cents,
Jan 27 Soybeans closed at $13.03, down 29 1/2 cents, currently up 5 1/2 cents
Mar 27 Soybeans closed at $13.12, down 27 1/2 cents, currently up 5 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.