The soybean market is trading with contracts up 1 to 3 cents so far on Tuesday. Futures posted mixed action on Monday, with front months losses limited to fractional and new crop gains of steady to 2 cents higher. CmdtyView’s national front month Cash Bean price is down 1/4 cents at $9.53 3/4. Soymeal futures were down 80 cents to $1.60/ton on the Monday session. Soy Oil futures posted gains of 37 to 51 points at the close.
Weekly Export Inspections data from Monday tallied soybean shipments at 646,667 MT (23.76 mbu) in the week that ended on March 13. That was down 7.7% from the week prior and 24.2% below same week last year. China was the largest destination of 420,243 MT, all coming Monday or before, with 88,478 MT headed to Mexico. Marketing year soybean shipments are now 39.098 MMT (1.436 mbu), an increase of 9.3% from the same week last year.
NOPA crush data for February was reported at just 177.87 mbu of soybeans crushed during the month, well below analysts’ estimates of 185.229 mbu. That is down 11.13% from January and 4.47% below last year’s 29-day month. Bean oil stocks were up 17.95% from last month at 1.5 billion lbs but down 11.06% from last year.
May 25 Soybeans closed at $10.15 1/2, down 1/2 cent, currently up 2 3/4 cents
Nearby Cash was $9.53 3/4, down 1/4 cent,
Jul 25 Soybeans closed at $10.29 1/4, down 3/4 cent, currently up 2 1/2 cents
Nov 25 Soybeans closed at $10.18 1/2, up 1/2 cent, currently up 1 1/2 cents
New Crop Cash was $9.54 1/4, up 3/4 cent,
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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