Soybeans are down 8 to 11 cents in the front months on Wednesday morning. Futures posted a back and forth trade on Tuesday, but managed to close on the weaker side, down 2 to 4 cents across the front months as traders were selling the fact on the Chinese purchases. Preliminary open interest was down 14,122 contracts on Tuesday. The cmdtyView national average Cash Bean price was 4 cents lower at $10.80 3/4. Soymeal futures were back down $3.30 to $5 at the close, with Soy Oil futures 93 to 103 points higher.
USDA reported a total of 792,000 MT of soybeans sold to China via their daily announcement system on Tuesday morning. Wire had reports indicated at least 14 cargoes (~840,000 MT) were purchased by China on Monday, with some pushing that number towards 20 cargoes (1.2 MMT).
USDA’s Crop Progress report from this week showed a total of 95% of the US soybean crop harvested as of Sunday, slightly behind the 96% average pace.
Brazil’s soybean crop is estimated to hit 177.7 MMT according to Abiove, a reduction of 0.8 MMT from their previous number.
Jan 26 Soybeans closed at $11.53 1/2, down 3 3/4 cents, currently down 10 cents
Nearby Cash was $10.80 3/4, down 4 cents,
Mar 26 Soybeans closed at $11.60 1/4, down 3 cents, currently down 9 1/2 cents
May 26 Soybeans closed at $11.67 1/4, down 2 3/4 cents, currently down 9 cents
