Soybeans are facing early week losses so far at midday, with losses of 9 to 17 cents at midday There were 220 deliveries issued against March soybean futures overnight, all by a Marex customer. The cmdtyView national front month Cash Bean price is down 10 3/4 cents at $9.43 1/4. Soymeal futures are down 20 cents/ton on the day. Soy Oil futures were 125 points in the red on Friday. There were 207 deliveries issued against March Soybean meal overnight, with 479 deliveries against March bean oil.
Weekly Export Inspections data showed a total of 695,158 MT (25.54 mbu) of soybeans shipped in the week of 2/27. That is down 20.9% from the week prior and a 40.1% drop vs. the same week last year. China was the top destination of 350,023 MT in that week, with 64,591 MT to Egypt and 60,384 MT to the Netherlands. Marketing year exports are 37.59 MMT (1.381 bbu), which is still 9.6% larger than the same point last year.
With President Trump planning to implement an additional 10% tariff on China starting this week, a report from Chinese media indicates US agricultural goods would be a potential target for retaliatory measures for both tariff and non-tariff measures.
Speculators were trimming their net long in soybean futures and options by 8,317 contracts as of February 25. That net long stood at 8,209 contracts on Tuesday.
Ahead of this afternoon’s Fats & Oils report, analysts expect to see the January crush total at 211.1 mbu. Bean oil stocks are pegged at 1.761 billion lbs at the end of January.
AgRural estimates the Brazilian soybean harvest at 50% complete by last Thursday, which is 2% above the same period last year.
Mar 25 Soybeans are at $9.96 3/4, down 14 3/4 cents,
Nearby Cash is at $9.43 1/4, down 10 3/4 cents,
May 25 Soybeans are at $10.09 1/2, down 16 1/4 cents,
Nov 25 Soybeans are at $10.18 1/2, down 11 cents,
New Crop Cash is at $9.54 1/4, down 9 3/4 cents,
More news from Barchart
- There Were No Big Surprises in the USDA’s Ag Outlook Forum Forecasts. So Why Are Grains Futures Prices Falling?
- The Baltic Dry Freight Index Is Near a 2-Year Low. Why It’s a Bearish Omen for Commodities.
- High Volatility Could Soon Hit Ag Futures Markets. Here’s 2 Ways to Play It.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
