Soybeans Steady to Start Tuesday
The soybean market is hovering near unchanged on Tuesday morning, with contracts fractionally mixed. Soybeans slipped lower on Monday, with contracts closing with 8 to 11 cent losses. The cmdtyView national front month Cash Bean price was down 9 cents at $9.72 1/2. Soymeal futures closed down $1.20 to 3.00/ton on the day, with Soy Oil futures down 79 to 111 points at the close.
The average closing price for November soybean futures through February has been $10.57. That is down 98 cents from last February’s average for the crop insurance price base price discovery.
USDA’s Export Inspections report showed soybean shipments at 858,679 MT (31.55 mbu) for the week of 2/20. That was a drop of 19% from the same week last year but back up 18.2% from the previous week. China was still the top destination of 480,164 MT, with 132,745 MT headed to Mexico. Marketing year soybean exports are now have totaled 36.876 MMT (1.354 bbu) year to date, an increase of 11.3% from the same week last year.
Brazil’s soybean crop is pegged at 36.4% harvested according to CONAB, lagging the same harvest pace last year of 38%.
Mar 25 Soybeans closed at $10.29, down 10 1/2 cents, currently down 1/4 cents
Nearby Cash was $9.72 1/2, down 9 cents,
May 25 Soybeans closed at $10.47 1/2, down 9 3/4 cents, currently down 1/2 cents
Nov 25 Soybeans closed at $10.51 3/4, down 8 cents, currently up 1/4 cents
New Crop Cash was $9.87 1/1, down 9 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.