Soybeans closed Monday with losses of 5 to 13 ¾ cents easing lower into the close. The cmdtyView national average Cash Bean price was down 13 1/2 cents at $10.95 3/4. Soymeal futures were up a dime to $1.60 lower on the day, with Soy Oil futures down 58 to 75 points. Crude oil was up just $1.42 on the day, coming well off the highs, following the breakdown of US/Iran negotiations this weekend. Pressure came later in the session after President Trump stated Iran was wanting to make a deal.
Crop Progress from Monday afternoon pegged the US soybean crop at 6% planted as of Sunday. That is well above the 2% compared to the same date last year and the 5-year average.
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Monday morning’s Export Inspections report showed 814,562 MT (29.93 mbu) of soybeans shipped in the week of 4/9. That was 1.2% above the week prior and 46.8% larger than the same week last year. China was the largest destination of 345,815 MT, with 224,841 MT shipped to Egypt and 80,955 MT to Mexico. The marketing year total is now 31.51 MMT (1.158 bbu) of soybeans shipped since September 1, which is 25.2% below the same period last year.
Brazil’s soybean harvest according to AgRural was estimated at 87% as of Thursday.
May 26 Soybeans closed at $11.62 1/4, down 13 1/2 cents,
Nearby Cash was $10.95 3/4, down 13 1/2 cents,
Jul 26 Soybeans closed at $11.77 1/2, down 13 3/4 cents,
Nov 26 Soybeans closed at $11.49 3/4, down 8 cents,
New Crop Cash was $10.88 1/4, down 8 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.