Soybeans are holding near unchanged so far on Wednesday morning, with contracts fractionally higher. The soybean market posted 20 to 34 cent gains on Tuesday, as South American weather and easing trade talk provided support. CmdtyView’s national front month Cash Bean price was up 33 cents at $10.07 ½. Soymeal futures were $14.10/ton higher on the session. Soy Oil were back up 8 points on the session. Continued dryness is expected to come back to parts of Argentina in the 8-14 day period, with the next 7 days seeing spotty totals.
USDA’s Export Inspections report indicated 973,145 MT (35.76 mbu) of soybeans shipped in the week of January 16. That was down 17.9% from the same week last year and a drop of 28.3% from last week. China was the largest destination of 494,617 MT, with 90,784 T to Mexico. Marketing year to date sales have totaled 32.298 MMT (1.187 bbu), which is still 20.6% above the same period last year.
Late on Tuesday, President Trump followed the Mexico and Canada tariff threat with a February 1 start date for potential 10% tariffs on China and the EU. Overnight, China has halted soybean imports from 5 Brazilian firms citing phytosanitary requirements.
AgRural estimates the Brazilian soybean crop at 1.7% harvested by last Thursday. Abiove estimates the Brazilian soybean crop at 171.7 MMT, up from their previous 168.7 MMT.
Mar 25 Soybeans closed at $10.67 1/4, up 33 1/4 cents, currently unch
Nearby Cash was $10.07 1/2, up 33 cents,
May 25 Soybeans closed at $10.77 3/4, up 33 cents, currently up 1/4 cent
Nov 25 Soybeans closed at $10.49 3/4, up 22 cents, currently up 1 cents
New Crop Cash was $9.84 1/4, up 22 1/4 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- Failure Points: Looking At What Is Priced In and What Isn't In The Grain Markets
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