Soybeans are showing 1 to 3 cent gains early on Tuesday after retreating on Monday. Futures closed Monday with losses of 5 to 13 ¾ cents easing lower into the close. Open interest suggested some of that was longs liquidating, down 5,830 contracts. 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.
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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NOPA data will be released on Wednesday, with traders surveyed by Reuters looking for 229.98 million bushels of soybeans crushed in March.
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 crop was estimated at 179.15 MMT by CONAB, a 1.3 MMT hike from the previous number in March.
March soybean imports by China totaled 4.02 MMT, according to the country’s customs data, up 14.9% from a year ago.
May 26 Soybeans closed at $11.62 1/4, down 13 1/2 cents, currently up 3 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, currently up 3 cents
Nov 26 Soybeans closed at $11.49 3/4, down 8 cents, currently up 1 1/2 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.