Soybeans are trading with gains of 2 to 3 cents so far on Tuesday morning. Futures posted losses of 5 to 6 cents in the front months on Monday. Open interest was up 4,726 contracts, suggesting new selling interest. The cmdtyView national average Cash Bean price was 5 1/2 cents lower at $9.92 1/4. Soymeal futures were down $2.00 to $5.60, with Soy Oil futures steady to 10 points lower on Monday.
Export Inspections data showed soybean shipments at 1.324 MMT (48.7 mbu) shipped in the week that ended on January 22. That was down 1.54% from the week prior, but 79.45% above the same week last year. China was the top destination of 897,459 MT, with 102,064 MT to Mexico and 67,547 MT to Italy. Marketing year shipments have totaled 20.67 MMT (759.4 mbu), which is up 37.5 yr/yr.
Export Sales data from Friday showed marketing year soybean sales at 33.035 MMT, which is 22% below the same week last year, vs. USDA calling for a 15% drop. That is also 77% of USDA’s number and 8 percentage points behind normal.
Brazil’s soybean crop is estimated at 4.9% harvested as of Thursday according to AgRural, ahead of the 2.9% pace last year. The crop estimate was raised 0.6 MMT to 181 MMT.
Mar 26 Soybeans closed at $10.61 3/4, down 6 cents, currently up 3 cents
Nearby Cash was $9.92 1/4, down 5 1/2 cents,
May 26 Soybeans closed at $10.74, down 5 1/2 cents, currently up 3 1/4 cents
Jul 26 Soybeans closed at $10.87 1/2, down 5 cents, currently up 3 1/4 cents
