The soybean market fell apart on Tuesday heading to new contract lows, with contracts closing 5 to 10 ½ cents lower. CmdtyView’s national front month Cash Bean price was down 5 1/2 cents at $9.27. Soymeal futures were on the day, with nearbys up 20 to 30 cents and deferreds down 10 to 30 cents. Soy Oil futures were 68 to 112 points lower on the session.
Brazil is expecting to get rains over through the end of the year, with some areas in Argentina seeing more spotty amounts.
USDA reported a couple private export sales this morning, with 187,000 MT to Spain and 132,000 MT to unknown destinations for 2024/25 shipment of soybeans this morning.
Brazil’s soybean exports are expected to total 1.62 MMT during December according to estimates from ANEC, up slightly from their previous number. The Brazil real has weakened to an all-time low vs. the US dollar.
Jan 25 Soybeans closed at $9.76 3/4, down 5 1/4 cents,
Nearby Cash was $9.27, down 5 1/2 cents,
Mar 25 Soybeans closed at $9.78 3/4, down 7 1/4 cents,
Jul 25 Soybeans closed at $9.97 1/2, down 9 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. More news from Barchart- Merchandiser Insights: Understanding What Basis Moves Are Saying About Supply And Demand In Grains
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