The soybean market is backing off the early session gains, with contracts still up 7 to 9 cents at midday. CmdtyView’s national front month Cash Bean price is up 8 3/4 cents at $9.44 1/4. Soymeal futures are up by a dime so far on the day. Soy Oil futures are up 44 points on the session. There were another 66 deliveries issued against January soybean futures, with 279 issued for Jan soy meal and 16 for bean oil.
Overnight a report indicated that President-elect Trump was leaning towards limiting tariffs to critical imports, rather than a blanket tariff. A Truth Social post by the soon to be president refuted the story this morning.
Export Inspections data indicated a total of 1.285 MMT (47.21 mbu) of soybeans exported in the week that concluded on January 2. That was a decline of 21.8% from last week but up 23.5% from the same week in 2024. China was the lead destination of 559,696 MT, with 136,461 MT to the Netherlands. Marketing year shipments totaled 29.956 MMT (1.101 bbu) through that date, which is an increase of 23.2% over the same period last year.
Jan 25 Soybeans are at $9.89 3/4, up 8 3/4 cents,
Nearby Cash is at $9.44 1/4, up 8 3/4 cents,
Mar 25 Soybeans are at $10.00 1/2, up 8 3/4 cents,
Jul 25 Soybeans are at $10.23 1/2, up 7 cents,
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