Soybeans are trading with 6 to 7 cent losses on Tuesday AM. Futures rallied back on Monday, with longs putting the risk right back on and closing 15 to 24 cents higher on the session. Open interest was up 3,122 contracts on Monday. The cmdtyView national average Cash Bean price was up 24 1/2 cents at $12.69 3/4. Soymeal futures rallied $5.60 to $12 across the front months, with Soy Oil up 44 to 63 points.
USDA’s Crop Progress report from NASS showed 62% of the US soybean crop dropping leaves as of 9/20. Harvest was listed at 12% complete, ahead of the 8% average pace. Condition ratings were steady at 58% gd/ex, with the Brugler500 index slipping 1 point on a move from fair to poor at 352.
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The weekly Export Inspections report showed soybean shipments of just 759,193 MT (27.9 mbu) in the week of 9/17. That was up 11.6% from the week prior and 34.2% ahead of the same week last year. China was the largest destination of 446,789 MT, with 68,773 MT shipped to Mexico and 59,652 MT to the Netherlands. Shipments for the marketing year are now at 36.848 MMT (1.354 bbu) of soybeans, which is now 1.8% ahead the same period last year.
US Treasury Secretary Bessent met with Chinese counterparts over the weekend in preparation for this week’s meeting between the leaders of the two countries. Traders were putting risk back in the market on Monday, in anticipation of the meeting.
China’s Sinograin sold 338,674 MT of soybeans on Tuesday, which was just over 62% of the total offered. They announced another 514,000 sale for next Monday.
Nov 26 Soybeans closed at $13.28, up 24 1/2 cents, currently down 6 1/4 cents
Nearby Cash was $12.69 3/4, up 24 1/2 cents,
Jan 27 Soybeans closed at $13.44, up 24 cents, currently down 6 1/2 cents
Mar 27 Soybeans closed at $13.51 3/4, up 22 1/4 cents, currently down 6 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.
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