The soybean market is trading with losses of 1 to 3 cents early on Monday morning. Soybeans joined in on the selling on Friday, with contracts down 11 to 13 cents across the front months. Preliminary open interest showed net new selling, up 14,265 contracts. March lost 28 cents (2.69%) last week. There were 220 deliveries issued against March soybean futures overnight, all by a Marex customer. The cmdtyView national front month Cash Bean price was down 12 ¼ cents at $9.55. Soymeal futures were up 80 cents/ton on the day, after falling $3.10 on the week. Soy Oil futures were 122 points in the red on Friday, with March losing 328 points (-7.01%) last week. There were 207 deliveries issued against March Soybean meal overnight, with 479 deliveries against March bean oil.
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.
The average close for November soybeans during February was $10.54, which is the base crop insurance price for this year. That is down $1.01 from last year’s spring price and is a 5-year low.
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.
Mar 25 Soybeans closed at $10.11 1/2, down 11 1/4 cents, currently down 1 3/4 cents
Nearby Cash was $9.54 1/1, down 12 1/4 cents,
May 25 Soybeans closed at $10.25 3/4, down 11 1/2 cents, currently down 2 3/4 cents
Nov 25 Soybeans closed at $10.29 1/2, down 12 1/4 cents, currently down 1 3/4 cents
New Crop Cash was $9.64, down 12 1/2 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
