The soybean market is showing a rebound on Tuesday, with contracts correcting 3 to 5 cents higher ahead of USDA’s monthly update later today. Soybeans felt some pressure via bean oil weakness on Monday, with contracts closing 7 to 11 cents in the red. The cmdtyView national front month Cash Bean price was down 10 1/4 cents at $9.49 1/4. Soymeal futures were down $2.20/ton in the nearbys, with Soy Oil futures 116 points lower. Over the weekend China placed tariffs on Canadian ag goods, excluding canola, but including canola oil, dragging the bean oil lower on Monday. There were no deliveries against March beans overnight, with 1 for March soy meal and 195 for March bean oil.
Weekly Export Inspections data from Monday morning showed a total of 844,218 MT (31.02 mbu) of soybeans shipped in the week of 3/6. That was up 20.6% from the week prior and a 7.6% increase vs. the same week last year. China was the top destination of 276,437 MT in that week, with 133,079 MT to Indonesia and 129,269 MT to Germany. Marketing year exports are 38.44 MMT (1.412 bbu), which is still 9.6% larger than the same point last year. While the Chinese tariffs started on Monday, anything that was already in transit will not have a duty until April 12.
USDA’s WASDE report will later this morning, with traders looking for no major changes to the US carryout number at 379 mbu. The average trade guess for the Argentine output is at 48.9 MMT vs. 49 MMT in February, with Brazil expected up 0.5 MMT at 169.5 MMT. World ending stocks are seen up 0.22 MMT to 124.56 MMT.
The Brazilian soybean crop is estimated at 61% harvested according to AgRural, ahead of the 55% pace from the same week last year.
Mar 25 Soybeans closed at $9.99 3/4, down 10 1/2 cents, currently down 2 3/4 cents
Nearby Cash was $9.49 1/4, down 10 1/4 cents,
May 25 Soybeans closed at $10.14, down 11 cents, currently up 4 1/2 cents
Nov 25 Soybeans closed at $10.17 3/4, down 7 3/4 cents, currently up 3 3/4 cents
New Crop Cash was $9.53, down 7 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.
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