Soybeans are showing fractional gains so far on Tuesday. The cmdtyView national average Cash Bean price is 3/4 cent lower at $9.87 1/2. Soymeal futures are up $1.50 to $2.60 at midday, with Soy Oil futures 20 points higher.
USDA reported a private export sale of 190,000 MT of soybean meal to the Philippines this morning.
Monday morning’s Export Inspections report showed 1.34 MMT (49.1 mbu) of soybeans shipped in the week of 1/15. That was 16.1% below the week prior but 35.1% larger than the same week last year. China was as the largest destination of 611,983 MT, with 116,120 MT shipped to Germany and 106,120 MT to Mexico. The marketing year total is now 19.335 MMT (710.44 mbu) of soybeans shipped, which is now 40.2% below the same period last year.
The weekly Commitment of Traders report on Friday afternoon showed spec traders in soybean futures and options slashing another 44,756 contracts from their net long to 12,961 contracts as of 1/13.
Brazilian soybean harvest is estimated at 2% complete as of last Thursday according to AgRural. ANEC estimates the Brazilian soybean export for January at 3.79 MMT, a 0.06 MMT increase from last week’s number.
Mar 26 Soybeans are at $10.58, up 1/4 cent,
Nearby Cash is at $9.87 1/2, down 3/4 cent,
May 26 Soybeans are at $10.69 1/4, up 1/2 cent,
Jul 26 Soybeans are at $10.81 1/2, up 1/4 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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